Core Viewpoint - The company has decided to postpone certain fundraising investment projects to ensure the efficient use of raised funds and align with long-term strategic goals [1][3][4] Fundraising Overview - The company raised a total of RMB 165,224 million from the initial public offering, with a net amount of RMB 157,569 million after deducting fees [1][2] - The funds are managed in a dedicated account to protect investor interests, with a tripartite agreement signed with the sponsor and the bank [2] Investment Project Adjustments - Due to the actual net amount being lower than initially disclosed, the company adjusted the investment amounts for several projects, including: - Cluster Database Management System Upgrade: from RMB 35,201.86 million to RMB 33,069.60 million - New Generation Cloud Database Product Construction: from RMB 25,291.14 million to RMB 17,126.86 million - Dream China Database Industrial Base: from RMB 80,023.57 million to RMB 69,300.10 million - Dream Research Institute Construction: from RMB 60,274.88 million to RMB 20,072.49 million - The total adjusted investment amounts to RMB 157,569.05 million [2][3] Postponement Details - The "Dream China Database Industrial Base" project’s expected operational date has been extended from September 2025 to September 2026 due to practical progress considerations [3][4] - The postponement is a cautious decision based on the project's actual needs and does not affect the project's content or the intended use of funds [3][4] Impact of Postponement - The postponement is not expected to have a significant adverse impact on the company's normal operations or the implementation of investment projects, aligning with the company's long-term development strategy [3][4][5] - The decision has been approved by the company's board and supervisory committee, adhering to relevant legal and regulatory requirements [4][5]

Core Viewpoint - Recently, Dameng Data (688692) has faced significant management challenges as two of its executives, including the general manager and a senior vice president, are under investigation by the Hubei provincial authorities for misconduct [1][3]. Company Overview - Dameng Data was established in 2000 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 12, 2024. It is a leading developer of database products and a key player in the domestic database software industry [5]. - The company reported revenues of 688.04 million yuan, 794.29 million yuan, 1.044 billion yuan, and 258.13 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively. The net profits attributable to shareholders were 268.99 million yuan, 296.08 million yuan, 361.87 million yuan, and 98.16 million yuan for the same periods [5][6]. Financial Performance - For the first quarter of 2025, the company experienced year-on-year growth in revenue, net profit, and net profit excluding non-recurring items of 55.61%, 76.39%, and 87.92%, respectively [6]. - The total assets of the company decreased by 3.26% from the previous year, while the equity attributable to shareholders increased by 3.03% [7]. Research and Development - The total R&D investment for the reporting period was approximately 54.74 million yuan, representing 21.21% of the operating revenue, a decrease of 5.02 percentage points from the previous year [7]. IPO and Fundraising - Dameng Data's IPO on the Sci-Tech Innovation Board included projects such as upgrades to cluster database management systems and the establishment of a new generation cloud database product, with a total fundraising amount of 1.576 billion yuan [8][9]. Shareholding Structure - As of December 31, 2024, the chairman, Feng Yucai, directly held 7.64% of the company's shares and controlled a total of 30.41% of the voting rights through various partnerships [9][10]. - China Software and Technology Service Co., Ltd. holds 14,370,000 shares, accounting for 18.91% of the total shares [10]. Management Background - The general manager, Pi Yu, has a history of working in various roles within the company since 2010 and received a pre-tax compensation of 3.3733 million yuan in 2024 [11][12]. - Senior vice president, Chen Wen, has been with the company since 2002 and received a pre-tax compensation of 3.0441 million yuan in 2024 [12]. Market Capitalization - As of the close on August 21, 2025, Dameng Data's total market capitalization was 26.82 billion yuan [12].

Core Viewpoint - The company, Dameng Data, is currently under investigation by the Hubei Provincial Supervisory Committee, which has led to the detention of its general manager, Pi Yu. However, the company asserts that this situation is not expected to significantly impact its operations [1]. Group 1: Company Investigation - Dameng Data has received a notice of investigation and detention regarding its general manager, Pi Yu, but has arranged for normal operations to continue [1]. - Other board members and senior management are functioning normally, and business operations are proceeding steadily [1]. - Pi Yu has not attended recent board meetings but has delegated voting authority to another board member, Feng Yucai [1]. Group 2: Financial Performance - In 2024, Dameng Data reported a revenue of 1.044 billion yuan, representing a year-on-year increase of 31.49% [3][4]. - The net profit attributable to shareholders was 362 million yuan, up 22.22% from the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 341 million yuan, reflecting a growth of 24.14% [3][4]. - The net cash flow from operating activities reached 473 million yuan, marking a 36.95% increase [3][4]. Group 3: Fundraising and Share Issuance - Dameng Data went public on the Sci-Tech Innovation Board, issuing 19 million shares at a price of 86.96 yuan per share, raising a total of approximately 165 million yuan [2]. - The net amount raised was 157 million yuan, which is 77 million yuan less than initially planned [2]. - The funds are intended for various projects, including database management system upgrades and the establishment of a research institute [2]. Group 4: Future Projections - The company anticipates achieving a revenue of between 495 million yuan and 513 million yuan in the first half of 2025, indicating a growth of 40.63% to 45.74% compared to the same period last year [4].