Core Viewpoint - The report provides an overview of the usage of previously raised funds by Jiangsu Panyam Micro-permeable Technology Co., Ltd. as of June 30, 2025, confirming compliance with regulatory guidelines and detailing the financial status and adjustments made to investment projects [1][3]. Fundraising and Storage - The company raised a total of RMB 284.90 million by issuing 17.5 million shares at RMB 16.28 per share, with net proceeds amounting to RMB 237.53 million after deducting related expenses [3][4]. - As of June 30, 2025, the total amount of previously raised funds stored in bank accounts was RMB 259.26 million [4]. Fund Usage - The actual investment amount for the "High Water Pressure Sound Permeable ePTFE Membrane Project" was RMB 37.09 million, which is RMB 25.91 million less than the committed amount of RMB 63 million due to reduced orders from a key client affected by U.S. chip sanctions [4][5]. - The "SiO2 Aerogel and ePTFE Membrane Composite Material Project" had an actual investment of RMB 75.63 million, exceeding the committed amount by RMB 1.10 million [5]. Adjustments and Changes - The company adjusted the investment amounts for projects due to a shortfall in actual net proceeds compared to the planned investment, ensuring that the total investment amount remained unchanged [4]. - The board approved the conclusion of certain projects and the permanent allocation of surplus funds and interest income totaling RMB 27.29 million to supplement working capital [4]. Project Performance - The company reported that there were no projects with cumulative returns below 20% of the promised returns [5]. - Certain projects, such as the "Engineering Technology R&D Center Construction Project," could not be directly linked to revenue generation but were aimed at enhancing overall competitiveness and operational capacity [5].