Fundraising Overview - The company, Anhui Xindong Link Micro System Co., Ltd., has received approval from the China Securities Regulatory Commission for its initial public offering (IPO) of 55.21 million shares at a price of 26.74 RMB per share, raising a total of 1,476.32 million RMB, with a net amount of 1,354.36 million RMB after deducting issuance costs [1][2]. Fund Management and Usage - The company has established a special account for the raised funds, which will be used exclusively for the development and industrialization of the Inertial Measurement Unit (IMU) project [3][4]. - A tripartite supervision agreement has been signed among the company, the sponsoring institution, and the bank to ensure the proper management and usage of the raised funds [2][3]. Agreement Details - The special account has been opened at the Bank of Communications, with the account number provided, and the balance as of September 19, 2025, is 0 RMB [4][9]. - The agreement stipulates that the funds in the special account cannot be used for purposes other than the designated projects and outlines the responsibilities of each party involved in the management and supervision of the funds [5][6]. Monitoring and Reporting - The sponsoring institution is responsible for supervising the usage of the funds and must conduct at least biannual inspections of the fund's status [5][11]. - Monthly account statements must be provided by the bank to the company and the sponsoring institution, ensuring transparency in fund management [6][12]. Compliance and Liability - Any party violating the agreement will be liable for damages incurred by the other parties, and the agreement will remain in effect until all funds are fully utilized and the account is closed [7][13].

Group 1 - The company, Anhui Xindong Link Technology Co., Ltd., has announced the establishment of a special account for raised funds and signed a tripartite supervision agreement for the storage of these funds [1][4] - The company has successfully completed its initial public offering (IPO) of 55.21 million shares at a price of 26.74 RMB per share, raising a total of approximately 1.48 billion RMB, with a net amount of about 1.35 billion RMB after deducting issuance costs [2][3] - The funds raised will be allocated to the development and industrialization of the Inertial Measurement Unit (IMU) project, with the establishment of a corresponding special account approved by the board of directors [3][4] Group 2 - The tripartite supervision agreement involves the company, the Bank of Communications, and the underwriting institution, ensuring compliance with relevant regulations and protecting investors' rights [4][6] - The special account has been opened with a balance of 0 RMB as of September 19, 2025, and is exclusively for the IMU project, prohibiting any other use of the funds [6][10] - The underwriting institution is responsible for supervising the use of the raised funds, conducting at least biannual inspections, and ensuring compliance with the established management protocols [7][8]

Group 1 - The core viewpoint of the article is that Zhonghaidah (300177.SZ) has successfully secured product specifications for its IMU products from two domestic intelligent robot companies in the first half of 2025, and has achieved small-scale deliveries [1] - The Inertial Measurement Unit (IMU) technology enhances the stability of mobile objects' posture and can be applied in various fields such as intelligent driving, agricultural machinery navigation, mechanical control, and robotics [1]

Core Viewpoint - The company has successfully secured contracts for its Inertial Measurement Unit (IMU) products with two domestic humanoid robot companies, with small batch deliveries achieved by the first half of 2025 [1] Group 1: Company Developments - The company confirmed its IMU technology can enhance the stability of mobile objects, making it applicable in various fields including intelligent driving, agricultural machinery navigation, mechanical control, and robotics [1] - The company provided information about its IMU products and their applications in humanoid robots on an investor interaction platform [1] Group 2: Industry Applications - IMU technology is highlighted as a critical component for improving the performance of humanoid robots, indicating a growing market for such applications [1] - The company’s advancements in IMU technology reflect broader trends in the robotics industry, where stability and control are essential for operational efficiency [1]

Core Viewpoint - The company, Zhonghaidah (300177.SZ), primarily focuses on providing intelligent driving positioning perception-related hardware and software products, rather than manufacturing complete robotic systems [1] Group 1: Company Products and Services - The company offers high-precision positioning antennas, a combination of (4G/5G+GNSS+V2X) intelligent antennas, high-precision positioning and control units, inertial measurement units (IMU), intelligent driving positioning algorithm IP, and differential enhancement services for positioning [1] - The comprehensive solutions provided by the company are aimed at assisting and automating driving positioning and vehicle control [1] Group 2: Future Development and Customization - The company does not currently manufacture complete robotic systems but is open to future developments in customized body research, focusing on modular design that may allow for switching between wheeled and footed configurations [1]

Core Viewpoint - The company is proposing several resolutions at the 2025 Second Extraordinary General Meeting, including adjustments to fundraising projects, changes in registered capital, and the implementation of a stock incentive plan to enhance corporate governance and attract talent [1][24]. Group 1: Fundraising Projects - The company plans to extend the implementation period of four fundraising projects and adjust the investment structure to improve efficiency, reallocating funds to new research and development projects [9][11]. - As of June 30, 2025, the total amount of funds raised was approximately 1.48 billion RMB, with net proceeds after expenses amounting to about 1.35 billion RMB [9][10]. - The company aims to optimize resource allocation by changing the implementation method of certain projects from purchasing to leasing, due to market conditions affecting the real estate sector [11][13]. Group 2: Registered Capital and Governance Changes - The company intends to change its registered capital and abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors to enhance operational efficiency [24][25]. - Following the completion of a stock incentive plan, the total number of shares increased from approximately 400.61 million to 400.72 million, reflecting the issuance of new shares [24][25]. Group 3: Stock Incentive Plan - The company has proposed a 2025 stock incentive plan to attract and retain talent, aligning the interests of shareholders and the core team [27][28]. - The plan includes provisions for the board to manage and adjust the incentive plan as necessary, ensuring compliance with relevant laws and regulations [30][31]. - The company aims to implement the stock incentive plan effectively, with the board authorized to handle all related matters, including adjustments to stock grants based on corporate actions [30][31].

Core Insights - The company reported a revenue of 493 million yuan for the first half of 2025, representing a year-on-year growth of 15.39% [1] - The net profit attributable to shareholders was a loss of 23.69 million yuan, which is a reduction in loss by 35.76% compared to the previous year, indicating a gradual improvement in performance [1] - The company's net profit loss, excluding non-recurring gains and losses, was 49.45 million yuan, which is an increase in loss by 16.89% year-on-year, primarily due to intensified price competition in the overseas market for high-precision measurement receivers [1] Business Performance - The main business revenue maintained double-digit growth, reflecting steady overall development [1] - The smart driving business achieved breakthroughs, with inertial measurement unit (IMU) products being adopted by a subsidiary of Geely, leading to mass production and delivery [1] - Revenue from related vehicle models increased by over 100% year-on-year [1] - The company is expanding into the embodied intelligent robot market, with IMU products already delivered in small batches to two domestic intelligent robot companies [1]

Summary of Key Points Core Viewpoint - The company, Anhui Xindong Lian Ke Micro System Co., Ltd., is utilizing its own funds to pay for investment projects and will replace these expenditures with raised funds in an equal amount, which has been reviewed and approved by the sponsor and supervisory board [1][6]. Group 1: Fundraising Overview - The company has issued 55.21 million shares at a price of 26.74 RMB per share, raising a total of 1,476.32 million RMB, with a net amount of 1,354.36 million RMB after deducting issuance costs [1]. - The raised funds are stored in a special account approved by the company's board and are subject to a tripartite supervision agreement with the sponsor and the commercial bank [2]. Group 2: Investment Project Details - The total investment for the fundraising projects is 100 million RMB, with the same amount planned to be used from the raised funds [2][3]. - The company has approved changes to the investment projects, extending the implementation period and adjusting the investment structure to include a new project for the development and industrialization of Inertial Measurement Units (IMU) [2][3]. Group 3: Reasons for Using Own Funds - The company needs to use its own funds for certain expenditures due to regulatory requirements, such as salary payments and tax obligations, which cannot be processed through the fundraising account [4][5]. - The use of own funds allows for more efficient management of project payments, especially when dealing with multiple projects sharing the same location [5]. Group 4: Operational Process - The company will compile a detailed list of expenditures paid with its own funds and will subsequently transfer an equal amount from the fundraising account to replace these expenditures [5]. - Continuous supervision will be conducted to ensure compliance with the replacement process, with the company and the bank cooperating with the sponsor's inquiries [5]. Group 5: Impact and Approval - The use of own funds is expected to enhance the efficiency of fund utilization and will not affect the normal implementation of the investment projects [6]. - The board and supervisory committee have reviewed and approved the use of own funds for project payments, confirming that it aligns with regulatory requirements and does not alter the intended use of raised funds [6][7].

Core Viewpoint - The company has approved the use of its own funds to pay for investment project expenses during the implementation period, with plans to replace these funds with raised capital later, ensuring efficient use of funds and compliance with regulations [5][7][8]. Fundraising Overview - The company has successfully issued 55.21 million shares at a price of 26.74 RMB per share, raising a total of 1,477.5 million RMB [1][2]. - All raised funds are stored in a special account approved by the board, with a tripartite supervision agreement in place [2]. Investment Projects and Fund Usage - The total investment for the projects is 100 million RMB, with the same amount planned to be funded by the raised capital [2][4]. - The company has decided to extend the implementation period and adjust the investment structure of some projects, including the addition of a new project for the development and industrialization of Inertial Measurement Units (IMU) [2][3]. Reasons for Using Own Funds - The company needs to use its own funds for certain expenses due to regulatory requirements, such as salary payments and taxes, which cannot be paid from the raised funds account [5][6]. - Using own funds for shared expenses like rent and utilities simplifies the payment process, as multiple projects share the same location [5][6]. Impact on the Company - The decision to use own funds and later replace them with raised funds is expected to enhance the efficiency of fund usage and reduce financial costs without affecting the normal implementation of investment projects [7][8]. Approval Process - The board and supervisory committee have reviewed and approved the proposal, confirming that it aligns with relevant regulations and does not alter the intended use of raised funds [7][8][9].

Core Viewpoint - The company has approved a proposal to use its own funds to pay for fundraising project expenses and replace them with equivalent raised funds, enhancing capital efficiency and reducing financial costs [1] Group 1: Fundraising and Projects - The company raised a net amount of 1.354 billion yuan from its initial public offering in 2023 [1] - The fundraising projects involve the development and packaging testing of high-performance MEMS devices [1] - Some fundraising projects have been postponed and modified to include a new "Inertial Measurement Unit (IMU) development and industrialization project" by 2025 [1] Group 2: Financial Management - The decision to use self-owned funds for replacement is primarily due to restrictions and operational difficulties related to salary, taxes, and other payments [1] - This approach will improve the efficiency of fund utilization and save on financial expenses, with necessary approval procedures already completed and no objections from the sponsor [1]