Core Viewpoint - The company plans to utilize part of its idle raised funds, not exceeding RMB 650 million, for cash management to enhance fund efficiency while ensuring the safety and proper use of the raised funds [1][4][6]. Fundraising Overview - The company raised a total of RMB 838.59 million from its initial public offering, with a net amount of RMB 810.66 million after deducting issuance costs [1][2]. - The funds are managed in a dedicated account, adhering to regulatory requirements [1][2]. Fund Utilization Plan - The net amount from the fundraising is RMB 810.66 million, with specific projects planned for investment [2][3]. - The company acknowledges that some of the raised funds may temporarily remain idle due to project timelines [3]. Cash Management Plan - The company intends to invest the idle funds in high-security, liquid, and capital-protected financial products, including but not limited to time deposits and structured deposits [4][6]. - The cash management period will not exceed 12 months from the board's approval date, allowing for rolling use of the funds within the specified limit [3][4]. Impact on Daily Operations - The cash management plan will not affect the company's normal operational cash flow or the execution of investment projects [4][6]. - The strategy aims to generate additional returns on idle funds, benefiting overall company performance and shareholder returns [4][6]. Approval Process - The board of directors approved the cash management proposal on August 15, 2025, without requiring shareholder meeting approval [6][7]. - The proposal complies with relevant regulations and internal management policies [6][7].

Core Viewpoint - Kangpeng Technology announced the approval of a proposal to use part of its idle raised funds for cash management, with a limit of up to RMB 650 million, ensuring that it does not affect the construction and use of the raised funds [2] Group 1 - The third meeting of the third board of directors will be held on August 15, 2025, to review the cash management proposal [2] - The company plans to invest in high-security, high-liquidity investment products with capital protection agreements [2] - The investment period for the cash management is set for 12 months from the date of board approval [2]

Group 1 - The company plans to use up to RMB 65 million of idle raised funds for cash management [1] - The funds can be used in a rolling manner within the specified limit [1] - The cash management will be conducted in different tranches with varying terms, not exceeding 12 months [1]

关于使用部分闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海康鹏科技股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召开 第三届董事会第五次会议，审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意公司合理使用额度不超过人民币 65,000.00 万元的部分暂时闲 置募集资金进行现金管理，在确保不影响募集资金项目建设和使用、募集资金安 全的情况下，购买安全性高、流动性好、有保本约定的投资产品（包括但不限于 定期存款或大额存单、结构性存款、券商保本收益凭证等），使用期限为自董事 会审议通过之日起 12 个月内。在前述额度和期限范围内，资金可以循环滚动使 用。本事项无需提交股东会审议。保荐机构中信建投证券股份有限公司（以下简 称"保荐机构"）对本事项出具了明确的核查意见。具体情况公告如下： 证券代码：688602 证券简称：康鹏科技 公告编号：2025-046 上海康鹏科技股份有限公司 公司依照规定对募集资金采取了专户存储管理，开立了募集资金专户，与保 荐人、募 ...

Core Viewpoint - Kangpeng Technology, once a model of policy benefits in China's hard technology localization narrative, is now facing significant operational challenges, including declining profit margins and increased inventory impairment, leading to a potential capital exodus from the company [1][16]. Company Overview - Kangpeng Technology specializes in fine chemicals, focusing on the research, production, and sales of new materials, pharmaceuticals, and agricultural chemicals, with a strong emphasis on fluorinated fine chemicals [2]. - The company was recognized as a "specialized, refined, distinctive, and innovative" enterprise in Shanghai in 2021 and officially listed on the Sci-Tech Innovation Board in July 2023 [2]. Financial Performance - The company has experienced a dramatic reversal in performance post-IPO, with revenues declining for three consecutive years: 1.238 billion in 2022, 980 million in 2023, and 675 million in 2024, marking a 20.89% year-on-year decline in 2023 and a further 31.11% drop in 2024 [3]. - Gross margin has been on a downward trend since 2020, with an overall gross margin of only 12.65% in 2024, down nearly 30 percentage points from 2020, and significantly lower than 2023 [5]. - The new materials segment faced a gross margin of 2.7% in 2024, a decrease of 7.9 percentage points year-on-year, while the CDMO segment saw a gross margin of 23.17%, down 16.06 percentage points [5]. Expense Trends - Sales, management, and R&D expense ratios have all increased from 2022 to 2024, leading to a net profit decline of 37.58% in 2023 to 113 million, followed by a loss of 49.53 million in 2024, marking a 143.95% year-on-year decline [7]. - The net cash flow from operating activities also decreased sharply from 213 million in 2023 to 60.8 million in 2024 [9]. Business Risks - The Shanghai Stock Exchange has inquired about the significant changes in Kangpeng's new materials and CDMO business, as well as the increased inventory impairment provisions [11]. - The new materials business reported a gross margin of only 1.19% in Q1 2025, continuing a downward trend, with potential risks from market supply-demand changes and price declines [11]. - The CDMO business revenue fell by 48.29% in 2024 to 295 million, with a slight recovery in Q1 2025, but remains vulnerable to pricing pressures and market dynamics [12]. Market Position and Competition - Kangpeng's market share in the global LiFSI market was only 6% in 2023, significantly lower than competitors like Tianqi Materials (55%) and CATL's Times Technology (16%) [13]. - The company faces intense competition and pricing pressures, particularly from larger players who have integrated supply chains, leaving Kangpeng in a precarious position [13][14]. Future Outlook - The reliance on policy support and capital influx for growth may lead to value destruction, especially as the market environment evolves and competition intensifies [16].

Group 1 - The core point of the article is that Kangpeng Technology has successfully supplied the active pharmaceutical ingredient for Dordaviprone, which has been approved in the U.S. for treating recurrent H3K27M mutant diffuse midline glioma in patients aged 1 and above, marking it as the first drug approved for this patient group globally [1][2] - Dordaviprone was initially developed by Chimerix and later acquired by Jazz Pharmaceuticals for over $900 million in March 2025, indicating significant market interest and investment in this innovative treatment [1] - Kangpeng Technology has established a comprehensive service capability covering "custom synthesis—clinical supply—commercial production," which has been built through deep involvement in early-stage drug development [2] Group 2 - The approval of Dordaviprone is seen as a significant achievement for Kangpeng Technology in the pharmaceutical sector, showcasing its "technical accumulation + strategic layout" [2] - The company aims to leverage the global policy benefits for innovative drugs to capture high-value segments of the industry chain through technological barriers [2] - Kangpeng Technology plans to deepen collaboration with multinational pharmaceutical companies to enhance the quality of active pharmaceutical ingredient supply and expand its social responsibility practices, contributing to the availability of medications for patients [2]

Core Insights - The total compensation for A-share company secretaries reached 4.086 billion yuan in 2024, with an average salary of 754,300 yuan [1] - In the semiconductor industry, the average salary for company secretaries was 977,400 yuan, ranking 11th among 125 secondary industries [1] - The average salary in the semiconductor sector increased by 89,800 yuan compared to the previous year, ranking 18th in salary growth among primary industries [1] Salary Distribution - Among the 187 company secretaries in the semiconductor industry, 77 had salaries between 500,000 and 1 million yuan, accounting for over 40% [1] - 69 company secretaries earned over 1 million yuan, representing 37% of the total [1] - The highest-paid company secretary was Liu Xiaoyu from Zhongwei Company, with a salary of 5.8318 million yuan [1] Age Distribution - The age of the 187 company secretaries ranged from 28 to 61 years, with the majority (149 individuals) aged between 35 and 54, making up nearly 80% [3] - The highest average salary was found in the 50-54 age group, at 1.1363 million yuan [3] Educational Background - Among the company secretaries, 102 held a master's degree, while 71 had a bachelor's degree, with a total of 173 individuals (over 90%) holding at least a bachelor's degree [6] - The only company secretary with a vocational education background, Chang Wenying from Huatiankeji, earned 1.9593 million yuan, significantly higher than the average salaries for bachelor's and master's degree holders [6] Salary and Stock Performance Relationship - An analysis of company secretaries' salaries in the optoelectronics industry showed a positive correlation between salary levels and stock performance, with stock price increases corresponding to higher salary brackets [8] - The stock price annual growth rates for the salary brackets of 0-200 million yuan were 1.92%, 7.68%, 14.39%, and 22.76%, indicating that higher salaries are associated with better stock performance [8]

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with CFOs playing a crucial role in financial health and strategic decision-making [1] - The total compensation for CFOs in the A-share market reached 4.243 billion yuan, with an average salary of 760,300 yuan [1] - In the semiconductor industry, the average CFO salary is 1.1488 million yuan, ranking 13th among 124 industries, with a year-on-year increase of 74,900 yuan [1][2] CFO Salary Distribution - Among the 135 CFOs in the semiconductor sector, 54 earn between 500,000 and 1 million yuan, accounting for 40% [2] - Nearly 50% of semiconductor CFOs earn over 1 million yuan, with the highest salary being 7.0105 million yuan for Chen Weiwen of Zhongwei Company [2] - The lowest salary among CFOs in 2024 is 239,800 yuan, held by Li Na of Zhenlei Technology [2] Age Distribution of CFOs - The age range of CFOs is between 33 and 67 years, with the most common age group being 43-48 years, comprising 40% [4] - The age group of 53 years has the highest average salary at 1.9184 million yuan, while the 39-year-old group has an average salary of 1.9301 million yuan, driven by the high salary of Zheng Shuainan [4] Educational Background of CFOs - Out of 135 CFOs, 63 hold a bachelor's degree and 57 hold a master's degree, totaling 120, which is nearly 90% [6] - There is a significant positive correlation between CFO salary and educational attainment, with average salaries of 683,600 yuan for associate degrees, 976,800 yuan for bachelor's degrees, 1.3571 million yuan for master's degrees, and 2.6110 million yuan for doctoral degrees [6] Performance Correlation - In the electronics industry, a clear correlation exists between CFO salaries and company performance, with revenue growth rates of 6.48%, 20.52%, and 29.76% corresponding to three salary segments [8] - The net profit growth rates also show a significant increase with higher CFO salaries, ranging from -37.70% to 124.88% across the same salary segments [8]

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。作为上市公司核心管理层关键成员，财务总 监CFO不仅需要确保公司财务稳健、资金高效运转，更需要从财务视角为公司的战略制定提供支撑，其 能力与决策直接影响公司的财务健康、战略成败、资本市场形象乃至生存风险。据2024年年报显示，去 年A股CFO（财务总监、财务负责人等）薪酬合计达42.43亿元，平均薪酬76.03万元。 关于光学光电子行业CFO薪酬与业绩表现间的关系，我们选取电子行业样本量比较充足的薪酬段，即0- 150万元共三个薪酬段的数据进行考察。 从年龄角度来看，135位CFO的年龄分布在33到67岁之间，其中43-48岁的CFO数量最多，为53位，占比 近四成。其中，53岁为平均薪酬最高的年龄段，平均薪酬高达191.84万元（39岁、67岁与58岁样本太 少，代表性存疑）。此外值得注意的是，39岁平均薪酬高达193.01万元，主要由京仪装备CFO郑帅男 339.54万元的高薪拉动。据悉，郑帅男于2021年3月开始担任京仪装备财务总监，2024年京仪装备营收 增长38 ...

Summary of Key Points Core Viewpoint - The shareholders of Shanghai Kangpeng Technology Co., Ltd. plan to reduce their holdings in the company due to personal financial arrangements, with specific details on the number of shares and methods of reduction outlined in the announcement [1][2]. Shareholder Holdings - Before the reduction plan, Wuxi Yunhui and its concerted party Ningbo Meishan Free Trade Port Area Xingyu Huitian collectively held 30,870,419 shares, accounting for 5.94% of the total share capital of the company [1]. - The shareholder Tongxiang Yunhui and its concerted party Tongxiang Jiawo Yunfeng collectively held 15,018,271 shares, accounting for 2.89% of the total share capital of the company [1]. Reduction Plan Details - Wuxi Yunhui and Xingyu Huitian plan to reduce their holdings by a total of up to 15,581,250 shares, which represents 3% of the total shares of Kangpeng Technology. This includes a maximum of 5,193,750 shares through centralized bidding (up to 1% of total share capital) and 10,387,500 shares through block trading (up to 2% of total share capital) [1]. - Tongxiang Jiawo and Tongxiang Yunhui plan to reduce their holdings by a total of up to 15,018,271 shares, which represents 2.89% of the total shares of Kangpeng Technology. This includes a maximum of 5,193,750 shares through centralized bidding (up to 1% of total share capital) and 9,824,521 shares through block trading (up to 1.89% of total share capital) [2]. Implementation Timeline - The reduction plan will be implemented within three months starting from 15 trading days after the announcement, specifically from August 27, 2025, to November 25, 2025 [1][2]. Compliance and Commitments - The shareholders have made commitments to adhere to the existing shareholding restrictions and will announce any intended reductions three trading days in advance [4][5]. - The reduction plan is consistent with previous commitments made by the shareholders [6]. Regulatory Compliance - The reduction plan complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shanghai Stock Exchange rules [8][9].