Summary of Key Points Core Viewpoint - The report details the fundraising activities and the usage of raised funds by Shandong LianKe Technology Co., Ltd., highlighting the amounts raised, their allocation, and the current status of these funds as of March 31, 2025 [1][2]. Fundraising Overview - The total net amount raised from the initial public offering (IPO) was RMB 596,312,839.61 after deducting issuance costs of RMB 52,972,160.39 [2]. - The company was also approved to raise RMB 265,472,460.69 through a simplified procedure for a specific audience, with all funds received by June 27, 2023 [2]. Fund Usage and Balance - The net amount from the IPO was allocated as follows: - Pre-investment project replacement: RMB 160,118,544.89 - Post-investment project replacement: RMB 169,401,612.76 - Bank loan repayment: RMB 120,000,000.00 - Working capital: RMB 124,972,046.07 - Total interest income: RMB 14,990,416.15 - Remaining balance as of March 31, 2025: RMB 36,811,052.04 [2][3]. - For the funds raised through the simplified procedure, the allocations were: - Pre-investment project replacement: RMB 42,882,174.99 - Post-investment project replacement: RMB 205,344,603.35 - Total interest income: RMB 6,662,477.79 - Remaining balance as of March 31, 2025: RMB 23,908,160.14 [2][3]. Fund Management - The company has established a fundraising management system to ensure compliance with relevant laws and regulations, including the storage of funds in dedicated bank accounts under a tripartite supervision agreement [4][5]. Investment Project Status - There were no changes or transfers in the investment projects funded by the raised capital [6]. - The actual investment amounts for various projects differed from the committed amounts, with reasons provided for discrepancies, such as ongoing construction or market conditions affecting project timelines [8][9]. Project Benefits and Performance - The report includes a table detailing the benefits realized from the investment projects, with some projects unable to be individually assessed for profitability due to their nature [9][10]. - The "10,000 tons/year high-dispersed silica project" and the "10,000 tons/year high-pressure cable shielding material project" are highlighted, with the latter expected to generate significant profits once fully operational [10][11]. Idle Funds - The company has not utilized idle funds for purposes other than those specified in the fundraising commitments [11].

附调研内容：一、2024年年报以及2025年一季度报告情况介绍 二、问答环节 (一)目前泰国公司的经营 情况如何?泰国二期将何时建成投产? 答:泰国公司是公司根据"一带一路""走出去"战略建成并投产的第 一个海外工厂,有效缩短与客户的距离,降低包装、运输成本,降低物流国际风险,更好地服务客户,减少汇 率波动风险,降低因可能存在国际贸易摩擦而带来的经营风险,提高自身的抗风险能力,是公司国际供应链 体系的重要组成部分。2022年生产逐步正常化以来,产能利用率稳步提高,不断满足公司重要客户在全球 各地工厂的需求,国际市场市占率得到巩固和加强。泰国公司目前产能利用率较高,2024年度贡献净利润 超过人民币六千万元,是公司重要的生产基地。 泰国二期目前正在建设中,预计2025年底建成试生产。 (二)美国"对等关税"政策对公司经营有影响吗? 答:近期美国政府宣布实施"对等关税"政策,对全球贸易伙 伴加征关税,尽管公司出口美国的产品占总营收的比例很少,公司仍将密切关注相关政策变化,坚定不移实 施"一带一路"、"走出去"全球化发展战略,不断提高产品核心竞争力,完善国际供应链体系建设,不断满足 境内外客户的需求。 (三)公司公 ...

Core Viewpoint - The company has shown steady growth in revenue and net profit for 2024, driven by increased demand for silica in the domestic tire industry, with significant improvements in profitability metrics [1][3]. Financial Performance - In 2024, the company achieved revenue of 2.197 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 541 million yuan, up 31.10% year-on-year [1][3]. - The fourth quarter of 2024 saw revenue of 563 million yuan, a year-on-year increase of 15.46%, and a net profit of 161 million yuan, up 50.31% year-on-year [1][3]. - For Q1 2025, the company reported revenue of 540 million yuan, a year-on-year increase of 3.25%, and a net profit of 138 million yuan, up 12.57% year-on-year [2][4]. Profitability Metrics - The weighted average return on equity (ROE) for 2024 was 17.13%, an increase of 2.49 percentage points year-on-year [1][3]. - The gross profit margin for 2024 was 33.95%, up 4.51 percentage points year-on-year, while the net profit margin was 24.60%, an increase of 1.82 percentage points year-on-year [1][3]. - In Q1 2025, the gross profit margin was 34.58%, an increase of 3.56 percentage points year-on-year [2][4]. Sales and Production - In 2024, the company produced and sold 363,000 tons and 361,000 tons of silica, respectively, representing year-on-year increases of 21.8% and 21.1% [3]. - In Q1 2025, silica sales reached 89,600 tons, a year-on-year increase of 2,700 tons [4]. Market Dynamics - The domestic tire industry has experienced rapid growth, significantly driving the demand for silica [3]. - The average price of precipitated silica in 2024 was 5,439 yuan per ton, an increase of 93 yuan per ton compared to 2023 [3]. Cost Structure - In 2024, selling expenses increased by 38.30% year-on-year, primarily due to higher employee compensation and market development costs [3]. - Management and R&D expenses also saw increases of 18.75% and 19.47% year-on-year, respectively [3]. Capacity Expansion and Innovation - The company ranks third globally in silica production capacity and is actively seeking opportunities for capacity expansion, with 50,000 tons of silica capacity under construction [5]. - The company has invested in R&D to produce high-dispersion silica using rice husk ash, significantly reducing carbon emissions [5]. - A project for 3,044 tons/year of silica microspheres is underway, targeting applications in cosmetics and biomedicine, expected to be completed by the end of 2025 [5]. Earnings Forecast - The company has adjusted its earnings expectations, forecasting revenues of 2.395 billion, 2.593 billion, and 2.862 billion yuan for 2025-2027, with net profits of 593 million, 675 million, and 716 million yuan, respectively [6][7].