Group 1 - The company reported a total of RMB 75,880.00 million raised from its initial public offering (IPO) with a net amount of RMB 68,955.19 million after deducting issuance costs [5][32] - As of June 30, 2025, the company has utilized RMB 1,587.80 million from the IPO funds directly for investment projects and earned RMB 957.73 million in net interest and investment income [3][4] - The remaining balance of the IPO funds is RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account and RMB 19,000.00 million in idle funds [3][4] Group 2 - In 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, with a net amount of RMB 18,342.53 million after deducting issuance costs [5][33] - By June 30, 2025, the company has used RMB 2,568.79 million from the targeted issuance for investment projects and earned RMB 173.77 million in net interest and investment income [5][6] - The remaining balance from the targeted issuance is RMB 6,651.10 million, including RMB 3,651.10 million in the special account and RMB 3,000.00 million in idle funds [5][6] Group 3 - The company has established a management system for the raised funds to ensure compliance with relevant regulations and to enhance the efficiency of fund usage [6][8] - The company has signed tripartite supervision agreements with its underwriters and banks to regulate the responsibilities and obligations of all parties involved in the management of the raised funds [7][10] - The company has not experienced any significant changes in its operational status or any major events that would impact its financial situation during the reporting period [3][12] Group 4 - The company plans to use up to RMB 23,000 million of temporarily idle raised funds for cash management, ensuring that it does not affect the progress of investment projects [31][39] - The cash management will involve investing in safe, liquid, and guaranteed-return financial products, including structured deposits and certificates of deposit [39][41] - The company has received no objections from its underwriter regarding the cash management plan, confirming that it complies with relevant regulations [47][48]

Summary of Key Points Core Viewpoint The report provides a detailed account of the fundraising activities and the management of raised funds by Kewell Technology Co., Ltd., including the amounts raised, their usage, and the status of various projects funded by these resources. Fundraising Overview - The company raised a total of RMB 75,880.00 million through its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs of RMB 6,924.81 million [1] - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after deducting issuance costs of RMB 487.74 million [2] Fund Usage and Management - As of June 30, 2025, the company had invested RMB 1,587.80 million from the raised funds into projects, with additional bank interest and investment income of RMB 957.73 million [2] - The remaining balance of the raised funds was RMB 25,001.86 million, which includes RMB 6,001.86 million in the special account for raised funds [2] - The company has established a management system for the raised funds to ensure compliance with regulations and efficient usage [3] Project Investment and Adjustments - The company has invested RMB 2,568.79 million in projects from the raised funds, with bank interest and investment income of RMB 173.77 million [3] - The company has not made any early investments or replacements for the fundraising projects during the reporting period [5] - The company has approved the use of temporarily idle funds for cash management, with a maximum amount of RMB 33,500.00 million allocated for such purposes [5] Project Status and Changes - The semiconductor testing and intelligent manufacturing equipment industrial park project has a total investment of RMB 45,000.00 million, with RMB 30,000.00 million sourced from over-raised funds [6] - The project timeline has been extended to September 2025 due to various delays [6][10] - The company has made adjustments to the investment amounts for certain projects, increasing the budget for the testing technology center from RMB 4,478.19 million to RMB 6,978.19 million [6] Compliance and Disclosure - The company has adhered to legal and regulatory requirements in disclosing the status of the raised funds, with no violations reported [6] - The company has provided timely and accurate disclosures regarding the management and usage of the raised funds [6]

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management to improve fund efficiency and increase returns for the company and its shareholders [6][9][10]. Summary by Sections Fundraising Overview - The company raised a total of RMB 75,880.00 million from its initial public offering (IPO) in August 2020, with a net amount of RMB 68,955.19 million after deducting issuance costs [1]. - In November 2023, the company raised RMB 18,830.26 million through a targeted issuance of shares, resulting in a net amount of RMB 18,342.53 million after expenses [2]. Investment Projects - The company disclosed that the funds from the IPO were allocated to a high-precision small power testing power supply and fuel cell, power semiconductor testing equipment production base construction project, with a planned use of RMB 27,646.23 million [3]. - The company has excess funds of RMB 41,308.96 million from the IPO, with plans to allocate the surplus to various projects, including a semiconductor testing and intelligent manufacturing equipment industrial park project [3][4]. Cash Management of Idle Funds - The company intends to use up to RMB 23,000 million of temporarily idle raised funds for cash management, with RMB 20,000 million from the IPO and RMB 3,000 million from the 2023 issuance [7][10]. - The cash management will involve investing in low-risk, high-liquidity financial products, ensuring that the funds are not used for non-raising purposes [7][8]. Board Approval and Compliance - The board of directors approved the cash management plan on August 22, 2025, ensuring that it does not affect the progress of investment projects or the safety of the raised funds [10]. - The company has complied with relevant regulations and internal policies regarding the management and use of raised funds, ensuring that the cash management does not alter the intended use of the funds [11].

Core Viewpoint - The company has completed the investment project of the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park" and plans to permanently supplement its working capital with the remaining raised funds, following the completion of the project and the approval of the board and shareholders [6][9][10]. Fundraising Overview - The company raised a total of RMB 758.8 million from its initial public offering, with a net amount of RMB 689.55 million after deducting issuance costs [1]. - The company established a special account for the management and use of the raised funds, ensuring compliance with regulatory requirements [2]. Investment Project Details - The company committed to invest RMB 276.46 million in the "High-Precision Small Power Testing Power Supply and Fuel Cell, Power Semiconductor Testing Equipment Production Base Construction Project" [2]. - The actual net amount raised was RMB 689.55 million, resulting in an excess of RMB 413.09 million after the planned investment [3]. Use of Excess Funds - The company decided to use RMB 120 million of the excess funds to permanently supplement working capital, which constitutes approximately 29.05% of the total excess funds [3][4]. - The remaining excess funds will be allocated to the "Semiconductor Testing and Intelligent Manufacturing Equipment Industrial Park Project," with a total investment of RMB 450 million, of which RMB 300 million will come from excess funds [4][5]. Project Completion and Surplus Funds - As of July 31, 2025, the project has completed its main construction and acceptance work, leading to the decision to conclude the project [6]. - The expected surplus funds amount to RMB 168.27 million, which includes interest and investment income, and will be used to permanently supplement working capital [8][9]. Impact on Company Operations - The decision to conclude the project and use surplus funds for working capital is aligned with the company's operational needs and long-term development strategy, enhancing cash flow and resource allocation [9][10]. - The company will maintain the special account for raised funds until all pending payments are settled, ensuring compliance with regulatory requirements [9]. Approval Process - The board of directors approved the proposal to conclude the investment project and use surplus funds on August 22, 2025, which will also require shareholder approval [10]. - The sponsor institution has confirmed that the decision complies with relevant regulations and is in the best interest of all shareholders [10][11].