Fundraising Overview - The company raised a total of 246,649,287.68 yuan through a private placement of 40,550,793 shares, with the funds received on December 21, 2021 [1][2] - As of June 30, 2025, the net amount of funds raised was 215,724,010.20 yuan directly invested in projects, with an additional 31,227,227.00 yuan used for permanent working capital [1][2] Fund Usage and Management - The company has established special accounts at multiple banks for the management of raised funds, ensuring strict approval procedures for fund usage [3][4] - As of June 30, 2025, the balance in the fundraising special account was 1,084,782.41 yuan, with a total interest income of 159,760.66 yuan after deducting fees [1][2][4] Issues and Adjustments - The company faced challenges in fund recovery due to slow progress in receivables and project acceptance delays, leading to significant pressure on working capital [4][5] - A total of 3,000,000 yuan of idle funds was temporarily used to supplement working capital, with the repayment deadline extended due to financial constraints [4][8] - The company terminated the "Headquarters Base Construction Project" and plans to use the returned land price of 3,122.72 million yuan for permanent working capital [8][9] Project Performance - The company reported that the "Night Tourism Environment Enhancement Project" faced multiple design changes from the owner, resulting in reduced project volume and lower actual settlement amounts compared to the contract [8][9] - The "China Phoenix Ancient City • Fengxianjing • Forest Hot Spring Art Town" project has not commenced due to the construction carrier not being completed, delaying the use of raised funds for project construction [4][9]