Core Points - The company raised a total of RMB 700 million through the issuance of 71,647,901 shares, with a net amount of RMB 693.1789 million after deducting fees [1] - As of June 30, 2025, the company has invested RMB 469.6501 million in fundraising projects, with RMB 270.4148 million remaining unutilized [2][3] - The company has established a dedicated account for managing the raised funds, ensuring strict compliance with regulatory requirements [3] Fundraising Overview - The actual amount raised was RMB 700 million, with funds fully received by July 18, 2023 [1] - Cumulative investment in fundraising projects as of December 31, 2024, was RMB 307.0157 million, leaving a balance of RMB 397.9740 million [1] Direct Investment Details - Direct investments in Fujian Kaimete Gas Co., Ltd. totaled RMB 237.1773 million as of June 30, 2025 [2] - Direct investments in Yizhang Kaimete Gas Co., Ltd. amounted to RMB 232.4728 million [2] Fund Management - The company has implemented a dedicated account storage system for the raised funds, with strict approval processes in place [3] - As of June 30, 2025, the total balance in dedicated accounts was RMB 270.4148 million, including interest income of RMB 14.1434 million [3] Fund Usage and Status - The company has not used idle funds for temporary working capital or made any changes to the investment projects [9][10] - The company has utilized idle funds to purchase large-denomination time deposits, generating interest income of RMB 1.2631 million [10] Project Implementation and Changes - No changes have occurred in the implementation locations or methods of the fundraising projects as of June 30, 2025 [5][12] - The company plans to extend the expected operational date for certain projects to April 30, 2026, due to delays in government land transfer procedures [12]

Core Viewpoint - The peroxide industry in China has shown stable growth, driven by increasing demand from downstream sectors such as chemicals, plastics, rubber, and textiles, with the market size expected to reach 14.152 billion RMB in 2024 [1][9]. Industry Definition and Classification - Peroxides are compounds containing peroxide groups (-O-O-), characterized by their ability to form covalent bonds with other atoms or groups, leading to diverse structures and properties [2]. Industry Chain Overview - The peroxide industry chain includes upstream raw material supply, midstream production, and downstream applications. Upstream involves basic chemical raw materials like hydrogen and oxygen, while midstream focuses on the production processes. Downstream applications span various sectors, including chemical reactions, textile bleaching, and environmental treatment [4][5]. Development History - The Chinese peroxide industry has evolved over 70 years, transitioning from reliance on imports to developing a domestic production system. The industry has moved from a growth phase to an innovation stage, emphasizing technological advancements and integration into emerging sectors [6][9]. Current Market Analysis - The global peroxide market is projected to reach 40.757 billion RMB in 2024, with significant growth in the Asia-Pacific region, particularly in China, which is a major consumer and producer [8][9]. China's peroxide demand is expected to reach 1.15 million tons in 2024, reflecting a 6.8% year-on-year increase [12]. Key Enterprises in the Industry - Major players include: - **LUXI Chemical**: Dominates the industrial-grade hydrogen peroxide market with a focus on low-cost production [16]. - **Strong Functional Chemicals**: Specializes in organic peroxides, leveraging safety control technologies [16]. - **Yake Technology**: Focuses on electronic-grade hydrogen peroxide, achieving a purity of ≥99.999% [18]. - **Aladdin Biochemical**: Serves the research market with high-purity peroxide products [16]. - **Satellite Chemical**: Expands into hydrogen peroxide production using by-products from ethylene projects [16]. Future Development Trends - The industry is moving towards high-end products, driven by increasing performance requirements in sectors like electronics and pharmaceuticals [20]. - There is a strong emphasis on green and environmentally friendly production methods, with a focus on reducing pollution and developing biodegradable products [21]. - Strict safety regulations are shaping the industry, necessitating enhanced safety measures and management practices [22].