Group 1 - The company held its first meeting of the fourth board of directors on December 29, 2025, in Jiaxing, Zhejiang Province, with all nine directors present [2][4]. - The board unanimously elected Mr. Bu Xiaohua as the chairman and executive director of the company [3][5]. - The board established four specialized committees: Audit Committee, Nomination Committee, Compensation and Assessment Committee, and Strategy Committee, with specific members and chairs appointed [6][8]. Group 2 - The board approved the appointment of Mr. Bu Xiaohua as the general manager, Ms. Wang Juan as the deputy general manager, and Ms. Zhou Hongfang as the financial director, all for the same term as the fourth board [9][12][17]. - Ms. Tang Qingfen was elected as the board secretary, also for the same term [18][21]. - The board decided to extend the expected completion date for two fundraising projects to December 31, 2026, to ensure quality and resource allocation [22][24]. Group 3 - The company plans to change its business scope and amend its articles of association, which will require approval from the shareholders' meeting [25][26]. - The board approved the establishment of the cumulative voting system implementation rules, which will also be submitted for shareholder approval [29][30]. - A notice for the first temporary shareholders' meeting of 2026 was issued, scheduled for January 22, 2026 [33][35]. Group 4 - The company announced a delay in the completion of its fundraising projects, specifically the "180 million meters seamless wall cloth production project" and the "wall material research and development center project," now expected to be operational by December 31, 2026 [39][44]. - The delay is attributed to macroeconomic changes and market conditions affecting the real estate sector, leading to a decrease in demand for home decoration materials [45][46]. - The board believes that this decision will not adversely affect the company's operations or shareholder interests and is in line with the company's long-term development strategy [46][47]. Group 5 - The company has implemented a special account management system for the raised funds, ensuring compliance with regulatory requirements [40]. - The total amount raised from the public offering was approximately RMB 353.37 million, with a net amount of RMB 311.99 million after deducting fees [39][41]. - The company has adjusted the funding allocation for some projects while maintaining the overall investment amount [41][42].

Core Viewpoint - Zhejiang Lianxiang Intelligent Home Co., Ltd. has undergone its initial public offering (IPO) and is subject to continuous supervision by the sponsor, CITIC JianTou Securities Co., Ltd. The company has faced challenges, including a significant profit loss and changes in its fundraising projects, which have been addressed through corrective measures and ongoing oversight [1][4][6]. Group 1: Company Overview - Zhejiang Lianxiang Intelligent Home Co., Ltd. issued 25,906,750 shares of A-shares on May 20, 2022, approved by the China Securities Regulatory Commission [1]. - The company has a continuous supervision period that ended on December 31, 2024, during which the sponsor was responsible for ensuring compliance with regulations [1][2]. Group 2: Sponsor Responsibilities - The sponsor actively coordinated with various intermediaries during the IPO process, conducted due diligence, and responded to feedback from the China Securities Regulatory Commission [2]. - Continuous supervision included monitoring the company's operational status, internal control systems, related party transactions, and the use of raised funds [2][3]. Group 3: Major Events and Responses - The company revised its 2023 profit forecast, initially expecting a net profit of between 7.0092 million and 10.2088 million yuan, but later reported a net loss of 13.2881 million yuan [4]. - The company received warning letters from regulatory bodies for the profit forecast discrepancy and has since taken corrective actions [4][5]. Group 4: Fundraising Project Changes - The completion dates for several fundraising projects have been extended multiple times, with the latest deadlines set for December 31, 2025, for two projects and June 30, 2025, for another [6][8]. - Adjustments to the investment amounts for specific projects were made, reallocating funds while ensuring compliance with regulatory requirements [7][8]. Group 5: Compliance and Disclosure - The company has complied with legal requirements by providing accurate and complete information to the sponsor and other intermediaries [10]. - The sponsor has confirmed that the company has adhered to information disclosure regulations, ensuring that all reports were timely and accurate [13].

Core Viewpoint - The company, Zhejiang Lianxiang Intelligent Home Co., Ltd., is actively engaged in the wall fabric and curtain manufacturing industry, which is closely tied to the real estate market dynamics in China. The company is implementing a share repurchase plan and has proposed a cash dividend distribution to its shareholders, reflecting its commitment to returning value to investors. Financial Data - As of March 31, 2025, the company has repurchased 4,484,912 shares, accounting for 4.33% of its total share capital [5] - The total amount spent on share repurchases is approximately RMB 17.49 million, with a maximum repurchase price of RMB 17.20 per share [7] - The proposed cash dividend is RMB 1.00 per share, totaling approximately RMB 9.91 million, based on the adjusted total share capital after accounting for repurchased shares [13][34] Industry Overview - The wall fabric and curtain industry is significantly influenced by the real estate market, with a direct correlation to residential sales area and transaction volume [15] - In 2024, the sales area of new residential properties decreased by 14.1%, and the sales amount dropped by 17.6%, indicating a challenging market environment [16] - The "guarantee delivery" policy introduced by the central government aims to stabilize the real estate market, which may positively impact the demand for interior decoration materials like wall fabrics and curtains [17] Company Position - The company is recognized as a leading player in the wall fabric industry, holding key positions in various industry associations [22] - The main business activities include the research, production, and sales of seamless wall fabrics and curtains, as well as decoration and renovation services [23] - The company has established a stable procurement and production model, ensuring quality control and efficient supply chain management [24][25] Market Trends - The wall fabric and curtain market is expected to grow due to increasing consumer demand for decorative materials and the ongoing urbanization process in China [18] - The industry is experiencing a shift towards more functional and aesthetically pleasing products, with wall fabrics gaining popularity over traditional wallpaper [19] - The overall construction and decoration industry is projected to benefit from government policies aimed at enhancing housing supply and improving living conditions [20][21]