Fundraising Overview - The company successfully raised a total of RMB 2,000 million through the issuance of 50 million shares at a price of RMB 42.66 per share, with all funds received by September 8, 2023 [1][2] - As of June 30, 2025, the company has utilized RMB 707.46 million of the raised funds, with RMB 165.61 million used during the reporting period [1][2] Fund Management - The company has established a fundraising management system to regulate the storage, use, and supervision of the raised funds, ensuring they are kept in dedicated accounts [1][2] - A tripartite supervision agreement was signed with various banks to ensure proper management of the funds [1][2] Fund Usage - The company has not used idle funds for temporary working capital during the reporting period [2] - A total of RMB 300 million of excess funds has been permanently allocated to supplement working capital, with RMB 600 million used cumulatively for this purpose [2][3] - The project "Next-Generation Network Switch Chip R&D and Production" has been completed, with total investment of RMB 600 million and no remaining funds [2][3] Cash Management - The company has engaged in cash management of idle funds, investing up to RMB 800 million in safe, liquid financial products, with a total of RMB 325.39 million currently managed [2][3] Project Status - The company has not changed any fundraising project during the reporting period, and there have been no external transfers or replacements of projects [2][3] - The project "Next-Generation Network Switch Chip R&D and Production" has reached its intended use status, with a total investment of RMB 589.63 million [3]