Group 1 - The company will hold its third extraordinary general meeting of shareholders on September 3, 2025, at 14:30 [2][4][58] - The voting will be conducted through a combination of on-site and online voting systems provided by the Shanghai Stock Exchange [4][5][58] - Shareholders must register to attend the meeting, with specific documentation required for both corporate and individual shareholders [11][12][14] Group 2 - The company has returned 90 million RMB of idle raised funds to the special account and plans to use 43.5838 million RMB of remaining over-raised funds for permanent working capital [21][20][52] - The total amount of over-raised funds is 285.268 million RMB, with the current proposal representing 15.28% of this total [21][52] - The company has received a no-objection opinion from its sponsor regarding the use of these funds [22][35] Group 3 - The company has previously used idle raised funds temporarily for working capital, with a total of 90 million RMB returned as of August 18, 2025 [21][44] - The company has a history of using over-raised funds for various projects, including the construction of a polystyrene production facility and expansion of flame retardant production [27][48] - The company has committed to not exceeding 30% of the total over-raised funds for permanent working capital within any twelve-month period [31]

Core Viewpoint - Tianfeng Securities has conducted a special review regarding Guangdong Jushi Chemical Co., Ltd.'s return of raised funds and the use of remaining over-raised funds for permanent working capital supplementation, confirming compliance with relevant regulations and the interests of the company and its shareholders [1][7]. Summary by Sections 1. Basic Situation of Raised Funds - Guangdong Jushi Chemical was approved to publicly issue 23,333,334 shares at a price of RMB 36.65 per share, raising a total of RMB 855.1667 million, with a net amount of RMB 775.7297 million after deducting issuance costs of RMB 79.4370 million [1][2]. 2. Return of Temporarily Used Funds - The company temporarily used up to RMB 90 million of idle raised funds for working capital, which was approved by the board and returned to the special account by the date of the review [2][6]. 3. Investment Project Overview - The total investment amount for the projects funded by the raised funds is RMB 490.4617 million, with the net amount of raised funds being RMB 775.7297 million, resulting in a total over-raised amount of RMB 285.2680 million [2][4]. 4. Use of Over-raised Funds - The company plans to use RMB 43.5844 million of the remaining over-raised funds for permanent working capital, which accounts for 15.28% of the total over-raised funds [5][6]. 5. Compliance and Commitments - The company commits that the cumulative use of over-raised funds for permanent working capital will not exceed 30% of the total over-raised funds within any twelve-month period, ensuring that this will not affect the funding needs of investment projects [6][7]. 6. Review Procedures - The proposal for using the remaining over-raised funds for permanent working capital has been approved by the board and is pending submission to the shareholders' meeting for further approval [6][8]. 7. Sponsor's Review Opinion - Tianfeng Securities has no objections to the company's plan to use remaining over-raised funds for permanent working capital, confirming that the necessary review procedures have been followed and that there is no change in the purpose of the raised funds [7][8].

Fundraising Overview - The company raised a total of RMB 855.17 million through its initial public offering, with a net amount of RMB 796.85 million after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 52,004.35 [1][2] Fund Utilization - The company has utilized RMB 389.64 million for project investments and has allocated RMB 180.64 million from project completion surplus funds to supplement working capital [1][2] - The company has also temporarily supplemented working capital with RMB 240 million from idle raised funds, which has been returned to the special account as of August 2, 2023 [5][6] Project Changes - The implementation subject of the "Halogen-free Flame Retardant Expansion Project" has been changed from a subsidiary in Qingyuan to a subsidiary in Chizhou, with a total planned investment of RMB 12.02 million [2][9] - The "Chizhou Polystyrene Production Project" has been transferred to another subsidiary in Anqing, with the investment remaining at RMB 8 million [2][4] Financial Management - The company has invested RMB 121 million of idle raised funds in principal-protected financial products, yielding a total return of RMB 367,000 [7] - The company has also used part of the raised funds for cash management, ensuring that it does not affect the progress of investment projects [7] Economic Benefits - The "Halogen-free Flame Retardant Expansion Project" and "Polystyrene Production Project" are expected to generate significant economic benefits, with projected annual outputs and revenues [10][12] - The company reported that the production capacity utilization rates for these projects are in line with expectations, with the "Polystyrene Production Project" achieving a utilization rate of 58.40% in 2023 [12]

Core Viewpoint - The report provides an overview of the fundraising activities and the utilization of funds by Guangdong Jushi Chemical Co., Ltd., highlighting the total amount raised, expenses incurred, and the current status of the funds as of June 30, 2025 [1][2]. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 855.17 million, with net proceeds amounting to RMB 775.73 million after deducting issuance costs of RMB 79.44 million [2][3]. - The funds were fully deposited into a designated account approved by the board of directors, and a regulatory agreement was signed with the sponsoring institution and the bank [2][3]. Fund Utilization - As of June 30, 2025, the total amount utilized from the raised funds was RMB 796.85 million, with various deductions for underwriting fees, pre-invested funds, and temporary working capital [2][3]. - The company has also temporarily supplemented working capital with idle funds, amounting to RMB 47.58 million, which was returned to the designated account by August 2, 2023 [5][6]. Project Changes - The implementation subject and location for the "Halogen-free Flame Retardant Expansion Project" were changed from a subsidiary in Guangdong to another in Anhui due to local regulatory constraints [3][7]. - The "Poly Styrene Production Project" was also relocated from Anhui to a different site in Anhui, reflecting strategic adjustments based on land availability and logistical considerations [4][7]. Financial Management - The company has engaged in cash management with idle funds, investing a total of RMB 121 million in low-risk financial products, yielding a return of RMB 367,042.51 [5][6]. - The company has also utilized excess funds for permanent working capital supplementation, with a total of RMB 80 million allocated for this purpose [6][7]. Economic Benefits - The projects funded by the raised capital are expected to generate significant economic benefits, although some projects, such as those for working capital and R&D, do not yield direct financial returns [8][12]. - The production capacity and output from the projects have been monitored, with the "Modified Plastic Expansion Project" achieving a production output of 23,358.52 tons in 2023, with a capacity utilization rate of 58.40% [12].

Core Viewpoint - 3D printing technology is becoming a key driver for manufacturing upgrades, particularly in the field of polymer materials for high-strength structural components and precision molds, where China has long relied on imports [1][2]. Group 1: 3D Printing Innovations - A research team led by Professor Ren Xiangkui from Tianjin University has developed a series of low-cost, lightweight, and rapid 3D printing polymer materials and technologies [1]. - The team synthesized a series of efficient "compatibilizers" based on hyperbranched polymers, significantly enhancing the interfacial adhesion of glass and carbon fibers with common engineering plastics [1]. - Newly developed 3D printing materials, including granules and filaments based on polypropylene (PP), acrylonitrile-butadiene-styrene copolymer (ABS), polyether ether ketone (PEEK), and polyphenylene sulfide (PPS), exhibit excellent high-temperature resistance, filling a domestic gap in high-end applications [1]. - An innovative "shrinkage-reducing agent" based on block polymers was synthesized, along with optimized 3D printing processes for complex structures, reducing manufacturing cycles from two to three months to just one to three weeks [1]. - The combination of CNC surface polishing technology with fused deposition modeling (FDM) 3D printing significantly improves the surface finish and dimensional accuracy of printed components, expanding the application range in precision parts [1]. Group 2: Halogen-Free Flame Retardants - The research team has successfully developed a series of high-performance halogen-free flame retardants specifically designed for flammable polymers like polypropylene and nylon, maintaining stability at high temperatures of 280°C [2]. - The flame-retardant modified products achieved the highest V0 rating in UL94 combustion tests, producing minimal non-toxic smoke when exposed to fire [2]. - The products meet stringent environmental regulations such as ROHS and REACH, and have demonstrated durability under extreme conditions, maintaining performance after 2000 hours at 85°C and 85% humidity, and after boiling in water at 70°C for 168 hours [2]. - The newly established Polymer Composite Materials Technology Development Center at Tianjin University Zhejiang Research Institute aims to collaborate with enterprises in various fields, including automotive, high-speed rail, home appliances, drones, mold manufacturing, aerospace, and construction [2]. Group 3: Upcoming Events - The 2025 Polymer Industry Annual Conference will be held from September 10-12, 2025, in Hefei, focusing on the theme "The Rise of China's Emerging Industries Leading the Next Decade of Polymers" [5]. - The conference will feature thematic industry forums, innovation exhibitions, and the "New Plastic Award" selection and presentation, providing a platform for the latest macro forecasts, technological achievements, and innovative solutions in the polymer industry [5].

Core Viewpoint - The Lanzhou New Area Chemical Park aims to establish itself as a leading green chemical industry park in Northwest China, focusing on safety, environmental protection, and high-quality industrial development, with a target of creating a trillion-level industrial cluster and becoming a new engine for industrial transformation in Gansu Province [1][3][9]. Group 1: Development Strategy - The park emphasizes a development strategy centered on "strengthening the foundation chain, solidifying the project chain, enhancing the technology chain, improving the service chain, and reinforcing the safety chain" [1]. - It has adopted a "dual carbon" strategy, targeting fine chemicals and new materials as its leading industries [1][3]. - The park has attracted over 200 enterprises and implemented more than 240 projects with a total investment exceeding 600 billion yuan [1][3]. Group 2: Infrastructure and Facilities - The park has invested 2.9 billion yuan in constructing a wastewater treatment plant and has established a comprehensive infrastructure including a 50-kilometer road network and various emergency response facilities [2]. - Key facilities include a 330 kV substation, a 110 kV substation, and a 450 tons/hour thermal power plant, ensuring all necessary elements for enterprise establishment and production are met [2]. Group 3: Safety and Environmental Management - The park maintains a 100% compliance rate for safety risk self-assessment and online monitoring of wastewater and waste gas [6]. - It has implemented a three-tier regulatory system and strict project admission standards to prevent high-risk projects from entering the park [6]. - The park's safety accident rate has decreased by 40% since the implementation of a smart management platform [5][6]. Group 4: Innovation and Technology - The park promotes innovation-driven development, establishing a comprehensive development model that integrates research, pilot testing, and industrial incubation [7]. - It has formed partnerships with over 30 universities and research institutions to tackle critical technological challenges and enhance product development [8][9]. - The park has produced 120 products that break monopolies and replace imports, with 208 products reaching domestic leading and international advanced levels [8]. Group 5: Future Plans - The park plans to continue enhancing safety and environmental protection measures while increasing investment attraction and improving service support for enterprises [9]. - Future initiatives include further developing infrastructure, accelerating industrial growth, and enhancing regional environmental quality [9].

Core Viewpoint - The company, Guangdong Jushi Chemical Co., Ltd., is undergoing a delay in some of its fundraising projects, which has been reviewed and approved by its board of directors, ensuring compliance with relevant regulations and maintaining the integrity of its investment plans [1][5]. Fundraising Overview - The company raised a total of RMB 855.1667 million through the issuance of 23.333334 million shares at a price of RMB 36.65 per share, with all funds received by January 19, 2021 [1][2]. - The raised funds are stored in a special account approved by the board, with a regulatory agreement in place with the sponsoring institution and the bank [2]. Investment Project Status - As of March 31, 2025, the total planned investment for the projects is RMB 1.2005951 billion, with cumulative investment amounting to RMB 552.4919 million, achieving a progress rate of 99.39% [3]. - The company has decided to conclude certain projects and reallocate surplus funds to enhance liquidity [3]. Delay Details - The delay in the "Chizhou Halogen-Free Flame Retardant Expansion Project" and "Anqing Polystyrene Production Project" is attributed to various factors, including climate conditions, construction capabilities, equipment debugging, and administrative approvals [4]. - The company has taken a cautious approach to control the investment pace of the "Anqing Polystyrene Production Project" due to external economic conditions and internal strategic adjustments [4]. Measures for Completion - The company plans to closely monitor market changes, expedite administrative approvals, optimize resource allocation, and enhance project supervision to ensure timely completion of the delayed projects [4]. Impact of Delay - The delay is a prudent decision based on actual project conditions and does not alter the investment content, total investment, or intended use of funds, thus not significantly impacting the company's normal operations or shareholder interests [4][5]. - The company will continue to adhere to regulatory requirements and strengthen both internal and external oversight of fund usage [5].

Core Viewpoint - J.M. Huber Corporation, founded in 1883, is one of the largest family-owned companies in the United States, with a diversified business portfolio operating in over 70 countries and regions [1][3]. Group 1: Company Overview - J.M. Huber Corporation is headquartered in Atlanta, Georgia, and has maintained its family-owned status since its inception [1][8]. - The company employs over 4,300 people across 20 countries and reported a revenue of $3 billion in 2021 [8]. Group 2: Business Segments - Huber Advanced Materials, a strategic business unit of J.M. Huber Corporation, specializes in halogen-free fire retardants, smoke suppressants, thermal management solutions, specialty aluminum oxides, and organic matting agents and carriers [6][7]. - The materials provided by Huber Advanced Materials are utilized in various applications, enhancing safety for millions and contributing to environmental protection [6]. Group 3: Product Offerings - The company offers a range of products including halogen-free fire retardants, smoke suppressants, and thermal management solutions, which are recognized for their innovative and sustainable characteristics [7]. - Specific product categories include aluminum hydroxide, magnesium hydroxide, phosphorus-nitrogen flame retardants, and various specialty aluminum oxides [11].