Core Viewpoint - The report details the fundraising activities and usage of funds by Suzhou Shansheng Electronics Co., Ltd., including the results of previous fundraising efforts and the management of those funds [1][2][3]. Fundraising and Usage Summary - In 2021, the company raised a total of RMB 308.80 million through an initial public offering (IPO), with a net amount of RMB 258.51 million after deducting issuance costs of RMB 50.29 million [1][2]. - The funds were deposited into a special account, and as of December 31, 2024, the total amount in the special account was RMB 271.06 million [2]. - In 2023, the company issued convertible bonds to raise RMB 520 million, with a net amount of RMB 507.67 million after deducting issuance costs of RMB 12.33 million [3][4]. Fund Management and Project Implementation - The company established a fundraising management system to ensure the proper use of funds, complying with relevant regulations [5]. - The "Automotive Electronics Expansion Project" was completed in June 2023, and the "Speaker Expansion Project" was completed in September 2023, with surplus funds totaling RMB 27.11 million being permanently allocated to supplement working capital [6][7]. - The company plans to use up to RMB 420 million for the "Automotive Audio System and Electronic Products Project," including RMB 63 million for capital contributions and RMB 357 million for loans to its wholly-owned subsidiary [7][8]. Project Adjustments and Financial Performance - The company adjusted the investment amounts for its projects due to the actual net fundraising being lower than initially planned, with the total investment for the projects being RMB 446.67 million [9][10]. - The "Automotive Audio System and Electronic Products Project" is expected to reach its operational state by December 2024, while the "Supplementary Working Capital Project" cannot be individually assessed for benefits [21][22]. Fund Usage and Financial Reporting - The company has not reported any discrepancies between the actual use of funds and previously disclosed information [22]. - As of December 31, 2024, the company had completed the use of all raised funds, with no remaining balance in the special fundraising accounts [22].

Core Viewpoint - The report provides a detailed account of the use of previously raised funds by Suzhou Shangsheng Electronics Co., Ltd. as of December 31, 2024, confirming compliance with relevant regulations and reflecting the actual usage of funds in significant aspects [3][4]. Fundraising and Usage Summary - The company raised a total of RMB 308.80 million through its initial public offering (IPO) in 2021, with a net amount of RMB 258.51 million after deducting issuance costs [5][13]. - As of December 31, 2024, the remaining balance of the raised funds in special accounts was RMB 271.06 million [6][9]. - In 2023, the company was approved to issue convertible bonds to raise RMB 507.67 million, which has also been fully deposited into special accounts [7][14]. Fund Management and Compliance - The company has established a fund management system to ensure the proper use and management of raised funds, adhering to the regulations set by the Shanghai Stock Exchange [9][10]. - The company has signed tripartite supervision agreements with banks to ensure the safety of the raised funds [10][11]. Project Implementation and Adjustments - The company has completed the "Expansion of Automotive Electronics Project" and the "Expansion of Speaker Project," with the remaining funds totaling RMB 27.11 million being used to supplement working capital [10][24]. - Adjustments were made to the investment amounts for various projects due to the actual net amount raised being lower than initially projected [13][15]. Financial Performance and Returns - The report indicates that the projects funded by the raised capital have reached their intended operational status, although specific financial benefits from the "Supplementary Working Capital Project" cannot be individually assessed [24][25]. - The company has not reported any cases where the cumulative returns from the investment projects fell below 20% of the promised returns [24].