ZZNode(SZ:003007) Xin Lang Cai Jing·2025-09-09 11:32Core Viewpoint - The company, Zhizhen Technology, is under market scrutiny following its application for a specific stock issuance to raise 661.8856 million yuan, aimed at funding multiple projects, with recent updates on project progress and operational status provided in response to the second round of review inquiries [1] Group 1: Fundraising Projects and Progress - The fundraising projects include the OSS product R&D platform, intelligent scheduling management system, next-generation digital home software-defined terminal, Shanghai R&D office project, and working capital supplementation [2] - The OSS product R&D platform and intelligent network key application project are currently in the development stage, while two other R&D projects have completed preliminary technical research, indicating low failure risk and alignment with the company's main business [2] - The company has engaged with potential clients regarding the fundraising projects, mitigating the risk of unsellable products, although there remains a risk of sales not meeting expectations [2] Group 2: Performance Challenges and Opportunities - Since its IPO in 2020, the company has faced significant losses and declining revenue, primarily due to changes in the industry environment and internal operational factors, including increased R&D demands and intensified market competition [4] - Despite the challenges, the shift in telecom operators' investment focus towards computing networks presents new business opportunities for the company, particularly in the next-generation digital home software-defined terminal project [4] - The company aims to enhance product competitiveness and explore new growth areas through increased R&D investment and strategic transformation, despite ongoing revenue decline in traditional OSS software and services [4]