Core Viewpoint - Company Guolian Co., Ltd. announced the completion, change, and termination of certain fundraising projects, reallocating surplus funds to permanently supplement working capital [1] Group 1: Project Changes and Fund Allocation - The company plans to conclude the "Cloud-based Enterprise Digital System Integration Application Platform R&D Project" and the "Working Capital Supplement Project," reallocating surplus funds for permanent working capital [1] - The "AI-based Big Data Production Analysis System R&D Project" and the "IoT Support System R&D Project for Network Freight and Smart Supply Chain" have also been terminated, with remaining funds redirected to working capital [1][6] - As of December 31, 2025, the total surplus funds from these projects amount to approximately 51,188.78 million yuan, including net interest income after deducting fees [6] Group 2: Fundraising Details - The company raised a total of 2,466,066,635.50 yuan through a non-public offering of 32,990,858 shares at a price of 74.75 yuan per share, with a net amount of 2,415,959,147.71 yuan after expenses [2][7] - The total amount raised from two fundraising rounds is approximately 299,879.39 million yuan [7] - The stock price of Guolian Co., Ltd. has fallen below the issuance price [3]

Core Viewpoint - The company has decided to conclude and terminate certain fundraising projects and permanently supplement the remaining raised funds into working capital to enhance the efficiency of fund utilization and meet operational needs [12][13][38]. Group 1: Board Meeting Decisions - The company held its 11th meeting of the 9th Board of Directors on January 9, 2026, where all 9 directors were present and unanimously approved the agenda [1][3]. - The board approved the proposal to conclude and terminate certain fundraising projects and to permanently supplement the remaining funds into working capital [2][4][12]. - The proposal will be submitted for review at the company's first extraordinary general meeting of shareholders on January 28, 2026 [7][6]. Group 2: Fundraising Project Details - The company plans to conclude the "Cloud-based Enterprise Digital System Integration Application Platform R&D Project" and terminate the "AI-based Big Data Production Analysis System R&D Project" and the "IoT Support System for Network Freight and Smart Supply Chain R&D Project," reallocating the remaining funds to working capital [12][22][27]. - As of December 31, 2025, the company has completed the main construction of the "AI-based Big Data Production Analysis System R&D Project," which has met all preset usage standards [23][25]. - The total estimated surplus funds from the terminated projects amount to approximately 51.19 million yuan, which will be used to supplement working capital [17][21]. Group 3: Financial and Operational Impact - The decision to terminate certain projects is based on the need to improve fund utilization efficiency and to adapt to the current market conditions, particularly in the real estate sector [36][38]. - The company aims to maximize shareholder interests by reallocating approximately 39.26 million yuan from the terminated projects to support daily operations and business development [37][38]. - The board believes that these changes will not adversely affect the company's normal operations and are in line with long-term strategic goals [39][40].

Core Viewpoint - The report highlights the financial disclosures and responses from the company regarding its prepayments, accounts receivable, and fundraising projects, indicating significant growth in prepayments and accounts receivable, along with the ongoing development of fundraising projects. Group 1: Prepayments - The company's prepayment balance for the year is 7.693 billion yuan, representing a year-on-year increase of approximately 70% [1] - The company has recognized a bad debt loss of 44 million yuan for prepayments, which is a year-on-year increase of about 182% [1] - The top ten prepayment recipients include various suppliers, with some being new suppliers and others having a controlling relationship with the company [3] - All prepayments have been delivered without delays, and the corresponding goods have been sold [3] - The prepayment turnover rate for the year is 14 times, with a turnover period of 26.07 days, which is in line with industry averages [4] Group 2: Accounts Receivable - The company's accounts receivable balance is 1.410 billion yuan, showing a year-on-year increase of 51.03% [9] - The company has recognized a bad debt loss of 32 million yuan for accounts receivable, with a significant increase in the bad debt provision ratio [9] - The top ten accounts receivable recipients have been disclosed, with no significant undisclosed relationships found between customers and suppliers [10] - The company maintains a unified credit policy for accounts receivable, which has not changed significantly from previous years [12] - The increase in accounts receivable is attributed to more customers requesting extended payment terms due to cautious cash management in the current economic environment [12] Group 3: Fundraising Projects - Three fundraising projects from the company's 2020 non-public stock issuance are still under construction, with progress rates of 34.29%, 50.22%, and 68.88% [14] - The company has used raised funds for purposes not closely related to the fundraising projects, such as sodium-ion battery production line construction [14] - The company has provided details on the main uses and outcomes of the funds invested this year, including improvements in B2B operations and office efficiency [14]