Core Viewpoint - Zhishang Technology has announced significant delays in the progress of its IPO fundraising projects, with less than 30% of the investment completed, raising concerns about the company's financial management and project execution [2][3]. Group 1: IPO and Fundraising Details - Zhishang Technology went public on July 14, 2023, issuing 32.17 million shares at a price of 57.66 yuan per share, resulting in a total fundraising amount of 1.855 billion yuan, with a net amount of 1.689 billion yuan after deducting issuance costs [3]. - The company planned four main investment projects and one supplementary working capital project, with a total expected investment of approximately 1.312 billion yuan [4]. Group 2: Project Progress and Delays - As of the end of 2023, Zhishang Technology had invested 442 million yuan in its fundraising projects, which was considered acceptable given the short time since its IPO [4]. - By the end of 2024, the company had invested a total of 702 million yuan, with project completion rates ranging from 29.43% to 49.99% [5][6]. - On July 11, 2025, the company announced the postponement of three projects' completion dates from July 7, 2025, to July 7, 2026, indicating further delays in project execution [7][9]. Group 3: Financial Management and Investment Strategy - Approximately 1 billion yuan of the raised funds has been allocated to high-yield financial products, contributing to about 25% of the company's total profit in 2024 [6]. - The company also used part of the excess funds (130 million yuan) to acquire a 52% stake in Shenzhen Xike Industrial Co., Ltd. [6]. - As of June 30, 2025, the company had a remaining balance of 976 million yuan in its fundraising account, indicating a significant amount of idle funds [6][10]. Group 4: Financial Performance - Zhishang Technology's net profit dropped by 37.72% in 2023 and further declined by 7.85% in 2024, reflecting poor financial performance since its IPO [10]. - As of July 14, 2025, the company's market capitalization stood at 8.712 billion yuan [10].

Core Viewpoint - The article highlights the significant delays in the investment projects of Zhishang Technology following its IPO, with less than 30% of the investment progress achieved, raising concerns about the company's financial management and project execution [2][9]. Group 1: IPO and Fundraising - Zhishang Technology went public on July 14, 2023, issuing 32.17 million shares at a price of 57.66 yuan per share, resulting in a total fundraising amount of 1.855 billion yuan, with a net amount of 1.689 billion yuan after deducting issuance costs [4]. - The company planned four main investment projects and one supplementary working capital project, with a total expected investment of approximately 1.312 billion yuan [5]. Group 2: Project Progress and Delays - As of the end of 2023, Zhishang Technology had invested 442 million yuan in the fundraising projects, which was considered acceptable given the short time since the IPO [6]. - By the end of 2024, the company had only invested 702 million yuan in the projects, with progress ranging from 29.43% to 49.99% for the four main projects, indicating a slowdown in project execution [6][10]. - On July 11, 2025, the company announced the postponement of three investment projects' completion dates from July 7, 2025, to July 7, 2026, while one project was concluded with a significant portion of funds transferred to the surplus fund account [9][13]. Group 3: Financial Management - The company has allocated nearly 1 billion yuan of its funds to purchase structured financial products, which accounted for about 60% of the total raised funds, generating approximately 31.49 million yuan in net income, contributing to about 25% of the company's total profit in 2024 [7][8]. - A small portion of the surplus funds, amounting to 130 million yuan, was used for the acquisition of a 52% stake in Shenzhen Xike Industrial Co., Ltd. [8]. Group 4: Financial Performance - Since its IPO, Zhishang Technology has experienced a significant decline in net profit, with a year-on-year decrease of 37.72% in 2023 and a further decline of 7.85% in 2024 [15]. - As of July 14, 2025, the company's market capitalization stood at 8.712 billion yuan [16].

五矿证券有限公司 关于深圳市致尚科技股份有限公司 部分募投项目延期的核查意见 130,217.83 公司募集资金总额为人民币 185,493.95 万元，扣除承销费等发行费用（不含 本次公开发行股票发行费用可抵扣增值税进项税额）人民币 16,569.21 万元，实 际募集资金净额为人民币 168,924.74 万元，其中超募资金为人民币 38,706.91 万 元。 经中国证券监督管理委员会《关于同意深圳市致尚科技股份有限公司首次公 开发行股票注册的批复》（证监许可20231022 号）核准，公司于 2023 年 7 月 向社会公开发行人民币普通股（A 股）3,217.03 万股，每股发行价为 57.66 元， 应募集资金总额为人民币 185,493.95 万元，根据有关规定扣除发行费用 16,569.21 万元（不含增值税）后，实际募集资金金额为 168,924.74 万元。该募集资金已于 容诚验字2023518Z0096 号《验资报告》验证。公司对募集资金采取了专户存储 管理。 二、募集资金的使用情况 根据《深圳市致尚科技股份有限公司首次公开发行股票并在创业板上市招股 说明书》，募集资金投资项目及募集资金 ...