Core Viewpoint - The report provides a detailed account of the fundraising activities and the utilization of the raised funds by Lingyun Optical Technology Co., Ltd. as of June 30, 2025, confirming compliance with regulatory guidelines and reflecting the company's financial management practices [1][2][3]. Fundraising and Storage - The company raised a total of RMB 1,973.70 million by issuing 90 million shares at RMB 21.93 per share, with net proceeds amounting to RMB 1,805.28 million after deducting underwriting and other fees [3]. - As of June 30, 2025, the company had a total of RMB 427.21 million in its fundraising accounts, with RMB 399.50 million invested in financial products [16]. Fund Utilization - The report indicates that the company has not changed the investment projects for the raised funds, and it has approved the use of funds for its wholly-owned subsidiary to implement specific projects [8][9]. - The company has allocated funds for various projects, including the Industrial Artificial Intelligence Taihu Industrial Base and the development of intelligent visual equipment, with a total investment of RMB 150 million planned for these initiatives [18]. Project Performance - The report highlights that the actual investment in projects has not deviated from the commitments made during the fundraising process, with no external transfers or replacements of the investment projects reported [11][12]. - The company has achieved a cumulative utilization rate of 28,083.06 for the Industrial Artificial Intelligence Taihu Industrial Base project, although it is still under construction and has not yet generated profits [20]. Cash Management - The company has been authorized to use up to RMB 170 million of idle funds for cash management, investing in safe and liquid financial products, with the aim of optimizing the use of funds [12][13]. - As of June 30, 2025, the company had not used any of the raised funds for share subscriptions, indicating a focus on project investment rather than equity financing [12][16].