Core Viewpoint - The report details the fundraising activities and usage of funds by Lianhua Holdings Co., Ltd. for the first half of 2025, highlighting the total amount raised, the allocation of funds, and the management of these funds [1][2][3]. Fundraising Overview - The company raised a total of RMB 993,545,246.40 through a non-public offering of 413,977,186 shares at RMB 2.40 per share, with a net amount of RMB 976,158,204.59 after deducting underwriting fees [1]. - As of June 30, 2025, the balance of the raised funds was RMB 54,815.84 million, with RMB 34,815.84 million in the special account [3]. Fund Usage and Management - The company has used RMB 41,949.97 million of the raised funds cumulatively by the end of 2024, with no usage reported for the first half of 2025 [2][6]. - The company has temporarily used RMB 20,000.00 million of idle funds to supplement working capital, with the repayment period not exceeding 12 months [6][7]. Fund Management Practices - The company has established a management system for the raised funds, including a special account for storage and a tripartite supervision agreement with banks and the sponsor [3][4]. - No cash management or investment in related products was reported for idle funds during the reporting period [7][12]. Project Adjustments - The company has made adjustments to its fundraising projects, including the termination of the "Biological Fermentation Products Project" and the "Supporting Biological Fermentation Products Project" due to market conditions and strategic considerations [10][12]. - The "Wheat Flour Series Products Project" has been scaled down and concluded, reflecting a cautious approach to investment in light of increased competition and market saturation [10][11]. Compliance and Disclosure - The company has ensured compliance with relevant regulations regarding the use of raised funds and has committed to timely and accurate disclosures [9][12].