Group 1 - The board of directors of Shenzhen Zhongke Lanyun Technology Co., Ltd. held its 20th meeting on August 27, 2025, to discuss various agenda items, ensuring compliance with relevant laws and regulations [1][2][3] - The board approved the 2025 semi-annual report, which accurately reflects the company's financial status and operational results for the first half of 2025, confirming the report's authenticity and completeness [2][3] - The board also approved the special report on the use of raised funds, adhering to regulatory guidelines and internal management rules [3][4] Group 2 - The board agreed to conclude the IoT chip product R&D project and permanently supplement the remaining raised funds and interest income into working capital to improve fund utilization efficiency [4][5] - The timeline for the Wi-Fi and Bluetooth integrated chip R&D project and the Zhongke Lanyun R&D center construction project has been extended from August 2025 to August 2026 [5] - The board approved the temporary use of up to RMB 600 million of idle raised funds for working capital, with a validity period of 12 months, ensuring that these funds will not be used for stock trading or other non-compliant activities [6][7] Group 3 - The company is committed to enhancing quality and efficiency while providing returns to investors, as reflected in the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan [7][8] - The board approved the reappointment of Tianjian Accounting Firm as the company's auditor for 2025, with the management authorized to negotiate audit fees based on actual business conditions [7][8]

Core Viewpoint - Hengxuan Technology (688608.SH) announced a share reduction plan by major shareholders due to personal funding needs, involving a total reduction of up to 2,014,888 shares, representing 1.20% of the total share capital [1] Group 1: Shareholder Reduction Plan - Major shareholders Liang Zhang, Zhao Guoguang, Tang Xiaodong, and their concerted actions intend to reduce their holdings by up to 2,014,888 shares through centralized bidding and block trading [1] - Shareholders Run Yuan I and Run Yuan II plan to reduce their holdings by 1,343,500 shares, accounting for 0.80% of the total share capital [1] - As of the announcement date, the actual controllers hold a total of 53,591,591 shares, representing 31.91% of the company [1] Group 2: Shareholding Structure - Shareholders Run Yuan I and Run Yuan II collectively hold 14,778,434 shares, which is 8.80% of the total share capital [2] - The actual controllers of Hengxuan Technology are Liang Zhang, Zhao Guoguang, and Tang Xiaodong, with Liang Zhang being a U.S. national and the others being Chinese nationals [2] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2020, with an issuance of 30 million shares at a price of 162.07 yuan per share [2] Group 3: Fundraising and Financials - Hengxuan Technology raised a total of 486,210,000 yuan, with a net amount of 475,878,120 yuan after deducting issuance costs, exceeding the original plan by 275,878,120 yuan [3] - The funds are allocated for various projects, including upgrades for smart Bluetooth audio chips and the development of smart WiFi audio chips [3] - The total issuance costs amounted to 10,331,880 yuan, with the underwriter, CITIC Securities, receiving 8,642,930 yuan in fees [3]

Core Viewpoint - The company has approved the use of its own funds, bank acceptance bills, letters of credit, and foreign exchange to pay for overseas procurement required for fundraising projects, with subsequent equal replacement from the raised funds [2][7]. Fundraising Basic Situation - The company raised a total of RMB 122,046.91 million after deducting underwriting and sponsorship fees of RMB 90.42 million, with a net amount of RMB 119,486.61 million after accounting for additional external costs [2][3]. Fundraising Investment Project Situation - The total investment for the fundraising projects is RMB 47,325.00 million, with the same amount planned to be invested from the raised funds [4]. - New projects funded by excess raised funds total RMB 40,936.87 million, also fully covered by excess funds [4]. Reasons for Using Own Funds for Overseas Procurement - The company aims to enhance financial efficiency and reduce costs by using its own funds for overseas procurement, which aligns with the actual needs and operational practices [5][6]. - Unified procurement strategies necessitate the use of own funds to streamline payment processes and improve management efficiency [5][6]. Impact on the Company - The decision to use own funds for overseas procurement is expected to improve operational management efficiency and ensure the smooth progress of fundraising projects, benefiting the company and all shareholders [7]. Review and Decision-Making Process - The board of directors and the supervisory board approved the proposal on June 19, 2025, confirming that the decision complies with relevant laws and regulations [7][8]. Special Opinions - The supervisory board supports the decision, stating it facilitates daily management of raised funds and does not alter the intended use of the funds or harm shareholder interests [8]. - The sponsor has verified that the decision followed necessary approval procedures and complies with regulatory requirements [9].

Core Viewpoint - The company has approved a proposal to utilize its own funds, bank acceptance bills, letters of credit, and foreign exchange for overseas procurement during the implementation of fundraising projects, aiming to enhance fund utilization efficiency and ensure the smooth progress of fundraising projects [1] Fundraising Details - The net amount of funds raised by the company is 1.195 billion yuan, which will primarily be used for upgrading and industrializing smart Bluetooth audio chips, as well as for the research and industrialization of ultra-low-power MCUs targeting the wearable and IoT sectors [1]