Core Viewpoint - The company has completed the commitment of fundraising investment for certain projects and plans to permanently supplement its working capital with the remaining funds, which is expected to enhance the efficiency of fund utilization and support its operational activities [1][6][7]. Fundraising Basic Situation - The company was approved to publicly issue 61,621,142 shares at a price of RMB 28.18 per share, raising a total of RMB 1,736,483,781.56, with the net amount after deducting underwriting fees and other expenses being RMB 1,736,483,781.56 [1][2]. Fundraising Investment Plan - The company has outlined its fundraising investment plan in accordance with its prospectus and subsequent announcements, detailing the allocation of funds to various projects, including new drug development and digital factory construction [2][3]. Fund Usage and Surplus Situation - As of August 29, 2025, the company has completed the committed investments for the "new drug development project for autoimmune and ophthalmic diseases" and the "innovation antibody drug industrialization and digital factory construction project," with other fundraising projects concluded [3][4]. Reasons for Fund Surplus - The surplus in fundraising is attributed to effective cost control and management during project execution, leading to lower investment costs. Additionally, the company has generated investment income from temporarily idle funds [4][5]. Surplus Fund Usage Plan - The company plans to permanently supplement its working capital with RMB 7,029.08 million of surplus funds, which will be used for daily operational activities to enhance cash flow and economic efficiency [5][6]. Approval Procedures - The board of directors and the supervisory board have approved the plan to use surplus funds, confirming that it aligns with the company's development strategy and does not harm the interests of shareholders [6][7].

Core Viewpoint - Sangfor Biopharmaceuticals (Shanghai) Co., Ltd. has completed the investment commitments for its antibody drug research projects and has decided to permanently supplement its working capital with the remaining funds from these projects [1][6]. Fundraising Overview - The company was approved to publicly issue 61,621,142 shares at a price of RMB 28.18 per share, raising a total of RMB 1,736,483,781.56, with a net amount of RMB 1,634,428,187.64 after deducting fees [1][2]. Investment Projects - The main projects funded include: - New drug research for autoimmune and ophthalmic disease antibodies - Industrialization of innovative antibody drugs and digital factory construction - The total investment for these projects is RMB 335,433.49 million, with RMB 318,275.95 million allocated to the new drug research project and RMB 163,442.82 million to the industrialization project [3][4]. Fund Usage and Surplus - As of August 29, 2025, the company has completed the investment commitments for the aforementioned projects, with a total of RMB 163,733.77 million utilized, resulting in a surplus of RMB 7,029.08 million [4][6]. - The surplus funds will be permanently supplemented into the company's working capital to enhance cash flow and economic efficiency [6]. Approval Process - The board of directors and the supervisory board approved the decision to use the surplus funds, stating it would improve fund utilization efficiency and align with the company's development strategy [6][7]. - The sponsor institution confirmed that the process followed necessary legal procedures and complied with relevant regulations, ensuring no adverse impact on the company's operations [7][8].

Core Viewpoint - The report provides an independent verification of the fundraising management and usage of Sangfor Technologies (Shanghai) Co., Ltd. for the year 2024, confirming compliance with regulatory requirements and reflecting the actual status of the funds raised [2][3]. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 1,736,483,781.56, with a net amount of RMB 1,634,428,187.64 after deducting underwriting fees and other expenses [5][6]. - The funds were raised through the issuance of 61,621,142 shares at a price of RMB 28.18 per share, approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission [5][6]. Fund Management - The company established a dedicated fund management system, including a special account storage system to ensure the proper management and usage of the raised funds [8][9]. - The company signed tripartite and quadripartite agreements with banks and underwriters to clarify the rights and obligations of all parties involved in the management of the funds [8][9]. Fund Usage - As of December 31, 2024, the remaining balance of the raised funds was RMB 164,789,265.16, after accounting for various expenditures and investments [6][9]. - The funds were primarily allocated to projects related to the company's main business and to supplement working capital [10]. Adjustments to Fund Allocation - The company adjusted the investment amounts for specific projects, increasing the budget for the "New Drug Research and Development Project for Autoimmune and Ocular Diseases" from RMB 25 million to RMB 61 million, while reducing the budget for the "Research and Development Center Construction Project" [11][13]. - The adjustments were made to enhance the feasibility and effectiveness of the projects without significant changes in project viability [12][13].