Fundraising Overview - The company raised a total of RMB 3,875,400,498.30 through a public offering of shares in 2018, with a net amount of RMB 3,828,017,156.35 after deducting issuance costs [1][2] - In 2019, the company issued convertible bonds totaling RMB 5,000,000,000.00, with a net amount of RMB 4,955,482,500.00 after costs [1][2] - The 2021 convertible bond issuance raised RMB 7,000,000,000.00, with a net amount of RMB 6,965,312,200.00 after costs [2][14] Fund Utilization - As of June 30, 2025, the company directly invested RMB 2,682,031,851.17 from the 2018 share offering into projects, with a remaining balance of RMB 149,521,267.27 [1][7] - From the 2019 convertible bonds, RMB 4,157,470,269.22 was directly invested in projects, leaving a balance of RMB 173,136,866.70 [2][11] - The 2021 convertible bond funds saw RMB 4,579,092,944.99 allocated to projects, with a remaining balance of RMB 2,198,867,891.05 [2][14] Fund Management - The company has established a three-party supervision agreement for managing the special fundraising accounts, ensuring compliance with regulations [2][3] - The management of funds is subject to oversight by the appointed sponsor, which includes regular audits and checks on fund usage [3][4] - The company has adhered to the regulations regarding the storage and use of raised funds, with effective execution of the management agreements [2][8]

Group 1 - The mayor emphasizes the importance of implementing Xi Jinping's important speeches and directives during his visits to Shaanxi, focusing on the current stage characteristics of the Xixian New Area's development [1] - The mayor highlights the need to optimize service systems based on the characteristics of urbanization and community transformation, aiming to provide more precise, convenient, and warm services to the public [1] - The mayor stresses the importance of addressing construction bottlenecks and ensuring quality in the relocation housing projects, aiming for efficient project completion to allow residents to return to new homes as soon as possible [1] Group 2 - The mayor outlines the reform optimization direction for the Xixian New Area, emphasizing the need for strong coordination, development, governance, and support from state-owned enterprises [2] - The focus is on enhancing the governance system, efficiently utilizing land resources, and fostering advantageous and characteristic industries to boost technological innovation capabilities [2] - The mayor calls for effective risk prevention and resolution regarding debt, as well as improving the precision and effectiveness of feedback and petition work [2]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The industrial silicon market shows a weak and volatile trend, with a trend strength of -1, indicating a bearish outlook. The polysilicon market also has a trend strength of -1, suggesting a bearish view as well [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2506 closing price is 8,540 yuan/ton, down 260 yuan from T - 1 and 1,380 yuan from T - 22. The volume is 199,942 hands, and the open interest is 195,153 hands. For polysilicon, the PS2506 closing price is 37,320 yuan/ton, down 460 yuan from T - 1. The volume is 116,998 hands, and the open interest is 58,208 hands [2]. - **Basis**: The industrial silicon spot premium (against East China Si5530) is +955 yuan/ton, and for polysilicon (against N - type re - investment) is +4680 yuan/ton [2]. - **Prices**: The price of East China oxygen - passing Si5530 is 9450 yuan/ton, down 100 yuan from T - 1. The price of Yunnan Si4210 is 10900 yuan/ton, down 100 yuan from T - 1. The price of polysilicon - N - type re - investment material is 40500 yuan/ton, unchanged from T - 1 [2]. - **Profits**: The profit of silicon plants in Xinjiang (new standard 553) is - 3327 yuan/ton, and in Yunnan (new standard 553) is - 6333 yuan/ton. The profit of polysilicon enterprises is - 2.9 yuan/kg [2]. - **Inventory**: The industrial silicon social inventory (including warehouse receipt inventory) is 60.2 tons, the enterprise inventory is 25.2 tons, and the industry inventory is 85.4 tons. The polysilicon manufacturer inventory is 25.9 tons [2]. - **Raw Material Costs**: The price of silicon ore in Xinjiang is 440 yuan/ton, and in Yunnan is 410 yuan/ton. The price of washed coking coal in Xinjiang is 1600 yuan/ton, and in Ningxia is 1040 yuan/ton [2]. 3.2 Macro and Industry News On April 23, it was reported that the main construction of the 12GW high - efficiency BC battery project of LONGi Green Energy in Xi'an Economic and Technological Development Zone was basically completed, and the production equipment procurement was finished. The project plans to move in equipment at the end of April, supply energy at the end of May, and complete the installation of production equipment for trial production at the end of June. The total investment of the project is about 12.5 billion yuan, to be constructed and put into production in 3 phases [4].