Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the utilization of funds by Shanghai Haoyuan Pharmaceutical Co., Ltd. for the first half of 2025, detailing the amount raised, the allocation of funds, and the management of these funds. Group 1: Fundraising Overview - The company raised a total of RMB 822.35 million through the issuance of convertible bonds, with a maturity of 6 years and a face value of RMB 100 per bond [1][2]. - As of June 30, 2025, the balance in the fundraising account was RMB 420,589,058.15, which includes interest income after deducting fees [1][2]. Group 2: Fund Utilization - The net amount of funds raised was RMB 811,737,609.85, with RMB 311,050,738.57 allocated to investment projects and RMB 86 million used for cash management [1][2]. - The company has not used any idle funds for temporary working capital during the reporting period [2][3]. Group 3: Fund Management - The company established a dedicated account for the management of raised funds, ensuring compliance with regulations and maintaining transparency [1][2]. - A three-party supervision agreement was signed with banks and the sponsor to oversee the management of the funds [1][2]. Group 4: Project Updates - The company has approved the use of raised funds to replace pre-invested self-raised funds amounting to RMB 40,333,017.97 for specific projects [2][3]. - The timeline for certain projects has been extended, with the "High-end Pharmaceutical Intermediates and Raw Materials CDMO Industrialization Project" expected to reach operational status by June 2029 [3][4]. Group 5: Compliance and Reporting - The company has adhered to the regulatory requirements for fundraising and has accurately disclosed the status of fund utilization [3][4]. - No violations in the management of raised funds have been reported, and all disclosures have been made in a timely and accurate manner [3][4].

Core Viewpoint - The company has decided to postpone the expected completion date for its fundraising project related to the issuance of convertible bonds, specifically the "265t/a high-end pharmaceutical intermediate product project," to April 2026 due to various implementation challenges and market conditions [1][4][6]. Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds totaling RMB 822.35 million, with a maturity of 6 years and a face value of RMB 100 per bond [1][2]. - The total investment amount for the fundraising project is RMB 863.51 million, with RMB 811.74 million planned to be funded from the raised capital [2][3]. Project Delay Details - The delay in the project is attributed to the need for the company to ensure that the new construction of the third workshop is completed before starting renovations on the first and second workshops, which are critical for transitioning from commissioned processing to self-production [4][5]. - The expected completion date for the project has been postponed from March 2025 to April 2026 due to the late arrival of the raised funds and the need to optimize project progress in response to market demands [5][6]. Impact of Delay - The postponement is a cautious decision based on the actual situation of project implementation and does not alter the investment content or total amount, nor does it significantly impact the company's normal operations [4][6]. - The decision has been reviewed and approved by both the board of directors and the supervisory board, ensuring compliance with relevant regulations and protecting shareholder interests [6][7].