Core Viewpoint - Meirui New Materials (300848) is accelerating the construction of its 10,000-ton expandable thermoplastic polyurethane elastomer project, with progress aligning with expectations [1] Group 1: Project Development - The company is advancing its project for producing 10,000 tons of expandable thermoplastic polyurethane elastomers as planned [1] - The construction progress is in line with the company's expectations [1] Group 2: Product Characteristics and Market Potential - The self-developed foamed TPU represents a new application of TPU in the footwear sector, characterized by lightweight and high rebound properties [1] - Foamed TPU is easy to process and is typically used in the midsoles of sports shoes, indicating a favorable market development outlook [1] Group 3: Competitive Advantage - The core raw material for foamed TPU is HDI, which has synergistic advantages with the company's Henan project [1] - With the production launch of HDI in Henan, the competitive advantage of the company's foamed TPU is expected to strengthen, facilitating market sales and expansion [1]

Fundraising Overview - The company successfully issued 13,698,824 shares at a price of RMB 14.38 per share, raising a total of RMB 196 million, with a net amount of RMB 195 million after deducting fees [1][2] - The funds were deposited in two dedicated accounts at Bank of Communications and Bank of China [1][2] Fund Utilization - During the reporting period, RMB 40.69 million was used for project expenditures, and RMB 1,050.13 was spent on fees, while RMB 4,494.53 was earned from interest [2] - The remaining balance in the fundraising accounts as of June 30, 2025, was RMB 6.72 million [2][7] Fund Management - The company established a fundraising management system in compliance with regulatory requirements, ensuring proper storage, management, and usage of the funds [3][4] - A tripartite supervision agreement was signed with the underwriter and banks to clarify rights and obligations regarding fund management [3] Compliance and Reporting - The company adhered to all regulatory guidelines and internal management protocols, ensuring no violations occurred in the use of the funds [4][7] - There were no changes in the feasibility of projects funded by the raised capital during the reporting period [6][8] Financial Management - The company utilized RMB 411 million of idle funds for cash management, with a balance of RMB 149 million in financial products [6][9] - As of June 30, 2025, no funds were used for temporary working capital or other unauthorized purposes [7][9]