Fundraising Overview - The company raised a total of RMB 303.93 million through a non-public offering of 74,858,388 shares at RMB 4.06 per share, with a net amount of RMB 299.46 million after deducting related expenses [1] - As of June 30, 2025, the balance in the fundraising account was RMB 14.63 million, after accounting for interest income and expenditures related to the revitalization project [1] Fund Management - The company established a dedicated fundraising account and signed a tripartite supervision agreement with the sponsor and a bank to ensure proper management and usage of the funds [1] Fund Usage - Cumulative usage of the fundraising amounted to RMB 285.34 million by June 30, 2025, with no changes in the intended use of the funds reported [1] Project Status - The revitalization project for the old brand has a total investment commitment of RMB 175.03 million, with RMB 150.65 million utilized by the end of the reporting period, achieving 91.83% of the planned progress [1] - The supplementary working capital project has a total investment of RMB 128.90 million, with RMB 128.80 million utilized, achieving 99.85% of the planned progress [1]