Fundraising Overview - The company raised a total of RMB 1,400,732,340.85 through its initial public offering, with the funds deposited in a designated account on December 16, 2021 [1] - As of June 30, 2025, the company has utilized RMB 573,704,200.00 of the raised funds, with RMB 46,799,400.00 used in the current year, all allocated to fundraising projects [1][2] - The remaining balance of the raised funds is RMB 935,461,000.00, which includes RMB 108,432,900.00 in net interest income after deducting fees [1] Fund Management - The company has established a fundraising management system to ensure compliance with regulatory requirements and protect investor interests, which was approved by the board on July 25, 2020 [1] - The company has signed a tripartite supervision agreement with its sponsor and a local bank to enhance the management and efficiency of the raised funds [1][2] Fund Usage and Adjustments - The company has reported that there are no fundraising projects that cannot be individually accounted for in terms of benefits [2] - The company has adjusted its fundraising usage plan, reallocating funds from the "annual production of 1,200 tons of raw materials project" to the "high-end pharmaceutical formulation internationalization project," with a total investment of RMB 33,227,000.00 planned for the latter [3][4] - The company has decided to terminate the "annual production of 5,000 tons of ibuprofen raw materials project" due to market saturation and price decline, reallocating the remaining funds to other projects [3][5] Project Progress and Timeline - The two fundraising projects, "annual production of 700 tons of raw materials project" and "annual production of 12 tons of anti-tumor raw materials project," are expected to reach usable status by December 2024, with ongoing construction and testing [3][5] - The "high-end pharmaceutical formulation internationalization project" is also facing delays, with an expected completion date extended to December 2026 due to regulatory and market factors [3][4]