Fundraising Overview - The company raised a total of RMB 52,907.59 million from its initial public offering (IPO) by issuing 74.8 million shares at RMB 7.07 per share, with the funds deposited into a regulatory account on June 1, 2020 [1] - In a subsequent private placement, the company raised RMB 98,999.99 million by issuing 36,330,275 shares at RMB 27.25 per share, with net proceeds of RMB 97,292.58 million after deducting underwriting fees [1][2] Fund Utilization and Balance - As of June 30, 2025, the actual usage and balance of the raised funds are as follows: - For the IPO: Net proceeds of RMB 49,890.55 million, with RMB 47,861.87 million used for investment projects and RMB 4,466.53 million remaining [1] - For the private placement: Net proceeds of RMB 97,292.58 million, with RMB 85,989.82 million used for investment projects and RMB 13,976.80 million remaining [1][3] Fund Management Practices - The company has established a dedicated fund management system in compliance with relevant laws and regulations, including the establishment of special bank accounts for fund storage and management [1][3] - The company signed tripartite and quadripartite supervision agreements with banks and sponsors to ensure proper management of the raised funds [2][4] Cash Management of Idle Funds - The company has approved the use of temporarily idle funds for cash management, allowing for investments in low-risk, liquid financial products, with a maximum of RMB 60,000 million allocated for such purposes [3][5] - As of June 30, 2025, the balance of idle funds used for cash management was zero, indicating effective utilization of the raised funds [5] Project Implementation and Adjustments - The company has not reported any early investments or replacements of funds for investment projects during the reporting period [3][6] - There have been no changes in the use of raised funds for ongoing or new projects, nor any transfer or replacement of investment projects [7][8] Compliance and Disclosure - The company has adhered to the regulatory requirements for the management and use of raised funds, ensuring timely and accurate disclosure of fund storage and usage [7][8]