Core Viewpoint - The company has made significant investments in infrastructure projects, including three industrial parks and a research center, and plans to slow down future investments in this area while maintaining high levels of R&D spending [2] Group 1: Infrastructure Development - The Dongguan Phoenix Industrial Park's smart park has completed its third phase, with some production lines already operational [2] - The Xiangtan ceramic powder industrial park has been completed and is now in production [2] - The Shanghai Songjiang Industrial Park has been completed, with some production lines gradually starting operations [2] - The Shenzhen research center has also been completed [2] Group 2: Future Investment Strategy - The company plans to significantly reduce its capital expenditures compared to the previous phase of infrastructure development [2] - Future investments will focus on emerging markets and new product capacity, which will continue to be supported [2] - R&D investments will remain at a high level, with specific capital allocation to be adjusted according to market demand [2]