Fundraising Overview - The company raised a total of RMB 200,000.00 million through a share placement, with actual funds raised amounting to RMB 171,599.38 million after deducting issuance costs of RMB 4,625.36 million, resulting in a net amount of RMB 166,974.02 million [1][5] - As of June 30, 2025, the company has utilized RMB 171,655.28 million of the raised funds, with RMB 4,865.02 million used in the first half of 2025 [1][5] - The balance of the fundraising account as of June 30, 2025, is RMB 947.31 million, primarily held in dedicated fundraising accounts [1][5] GDR Issuance - The company issued Global Depository Receipts (GDR) corresponding to 63,825,000 shares, raising approximately USD 9,204 million, with a net amount of about USD 8,930 million after deducting underwriting and bank fees [1][5] - As of June 30, 2025, the GDR fundraising account balance is USD 9,766.53 million, including interest income of USD 1,087.17 million [1][5] Fund Management - The company has established a fundraising management system to ensure that the funds are used specifically for their intended purposes, with strict approval processes in place [1][5] - Funds are stored in dedicated accounts approved by the board, and a tripartite supervision agreement has been signed with the sponsoring institution and banks [1][5] Fund Utilization - In the first half of 2025, the company used RMB 4,865.02 million of the raised funds, with approximately 70% allocated for global R&D and industrialization plans, 10% for global sales and service network development, and 20% for working capital and other general corporate purposes [1][5] - The company has replaced RMB 21,532.82 million of self-raised funds with the raised funds for investment projects, complying with legal requirements [1][5] Project Changes - The company has changed the use of funds from the Zhuhai Health Industry Base project to new product R&D, expansion of the Haibin Pharmaceutical Pingshan base, and information technology platform projects due to changes in project feasibility and market conditions [1][5] - The company plans to return RMB 3,386.29 million from the sale of land use rights related to the Zhuhai project to the fundraising account for new product R&D [1][5] Compliance and Disclosure - The company has complied with relevant regulations regarding the disclosure of fundraising storage and utilization, with no violations reported [1][5]

Group 1: Core Insights - The China Securities Regulatory Commission (CSRC) has implemented measures to enhance the quality and efficiency of companies listed on the Sci-Tech Innovation Board (STAR Market), with over 470 companies expected to disclose their annual improvement plans for 2024 and 479 for 2025, representing over 80% of the board [1] - Companies are focusing on innovation-driven strategies, increasing R&D investments, and pushing for the practical application of patented technologies, with leading firms like Shengmei Shanghai committing to maintain R&D spending at around 15% of revenue by 2025 [1] - More than 60% of STAR Market companies have announced cash dividend plans for 2024, totaling over 38.6 billion yuan, with over 290 companies planning dividends exceeding 30% of their profits [2] Group 2: Mergers and Acquisitions - Mergers and acquisitions are becoming a key strategy for STAR Market companies to rapidly acquire technological capabilities and enhance competitiveness, with companies like Huahai Chengke planning significant acquisitions to break through overseas technology monopolies [3] - Completed acquisitions are transitioning into deeper business cooperation and technological collaboration, as seen with Zhongchuan Special Gas's acquisition of Huai'an Pairui Gas and Sanyou Medical's acquisition of French orthopedic firm Implanet [4] Group 3: Investor Relations and Engagement - Companies are enhancing communication with investors, with Haiguang Information planning multiple investor relations activities, including at least three performance briefings and six investor research activities in 2025 [5] - Jinpan Technology aims to host open days for investors to visit its digital factory, while China Resources Microelectronics is focusing on international investor engagement through online and offline roadshows [5]