Core Viewpoint - The report provides a detailed account of the fundraising activities and the actual usage of the raised funds by Shanxi Huaxiang Group Co., Ltd. for the first half of 2025, highlighting the amounts raised, expenses incurred, and the allocation of funds to various projects [1][2][4]. Fundraising Overview - The company raised a total of RMB 800 million through convertible bonds, with a net amount of RMB 786.51 million after deducting related expenses of RMB 13.49 million [1]. - The company also issued 26,649,746 shares of common stock, raising a net amount of RMB 20.74 million after deducting issuance costs [1]. Fund Usage and Balance - As of June 30, 2025, the total amount of funds used was RMB 707.42 million, with a remaining balance of RMB 76.35 million [1][2]. - The breakdown of fund usage includes project investments totaling RMB 607.22 million and interest income of RMB 3.73 million [1][2]. Fund Management - The company has established a fundraising management system to ensure the effective use of funds, including the opening of dedicated bank accounts and signing of tripartite and quadripartite supervision agreements with banks and sponsors [2]. - As of June 30, 2025, the company maintained 10 dedicated fundraising accounts with a total balance of RMB 76.35 million [2]. Actual Fund Usage in 2025 - The company reported no abnormal situations in the usage of the raised funds for investment projects, with a focus on alleviating cash flow pressure and reducing financial risks [2][4]. - The company has also approved the use of idle funds for cash management, allowing for temporary investments in financial products, with a total of RMB 4.05 billion allocated for this purpose [2][4]. Project Status and Adjustments - The company has decided to extend the timeline for certain projects, including the "Machining Expansion and Component Industry Chain Extension Project" and the "Intelligent Upgrade of Casting Production Line," to December 2025 due to external market conditions [4][6]. - The adjustments in project funding and implementation have been approved by the board and are in compliance with regulatory requirements [6].