Core Viewpoint - The company announced a delay in the construction period for its "R&D Center Project," "Design Center Project," and "Project Management Information System Platform Construction Project" until December 2026, due to changes in market conditions, policy adjustments, and technological upgrades [1] Group 1: Project Details - The planned investment amounts for the projects are 282.72 million yuan for the R&D Center, 88.94 million yuan for the Design Center, and 49.38 million yuan for the Project Management Information System [1] - The funding source for these projects is the net proceeds of 587.77 million yuan from the convertible bonds issued in 2019, after deducting issuance costs [1] Group 2: Reasons for Delay - The delay is attributed to the need for the metal roofing system to integrate AI algorithms and achieve domestic substitution of sensors, as well as the soil remediation R&D needing to comply with new national source prevention policies [1] - The BIM talent cultivation did not meet expectations, and the information system platform requires integration of new functions related to photovoltaic power station operations and maintenance [1] Group 3: Impact of Delay - The delay does not change the project content, total investment, or implementing entity, and is not expected to have a significant adverse impact on the company's normal operations [1] - The postponement does not involve changes in the use of raised funds and is seen as beneficial for ensuring high-quality project implementation and enhancing the company's core competitiveness [1]

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotou Securities for Jiangsu Zhongxinbo New Energy Technology Co., Ltd. during its A-share issuance, emphasizing compliance with regulations and the company's operational integrity [1][2]. Continuous Supervision Work - Guotou Securities has established a comprehensive supervision system and signed a continuous supervision agreement with Zhongxinbo, detailing rights and obligations during the supervision period [1]. - The supervision includes regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [1][2]. - The report highlights that no violations or breaches of commitments have been reported during the supervision period [2][3]. Financial Performance - For the first half of 2025, Zhongxinbo reported a revenue of CNY 403.65 million, a 19.55% increase from the previous year, while net profit attributable to shareholders decreased by 31.79% to CNY 15.78 million [5][6]. - The company's total assets were CNY 985.55 million, showing a slight decrease of 0.68% compared to the previous year [5]. - The basic earnings per share dropped by 57.56% to CNY 0.73, and the return on equity decreased by 4.3 percentage points to 3.61% [5][6]. Research and Development - Zhongxinbo increased its R&D expenditure by 35.07% to CNY 10.27 million, representing 2.54% of its revenue, indicating a focus on innovation [6][7]. - The company has a strong R&D team of 343 members, with 765 intellectual property rights, including 119 invention patents [6][7]. Market Position and Strategy - Zhongxinbo ranks second globally in the solar PV tracker market, according to Wood Mackenzie, solidifying its position as a leading player in the sector [7]. - The company is committed to a global strategy, enhancing its supply chain and expanding its market presence in Asia-Pacific and the Middle East [7]. Risk Factors - The company faces risks related to performance volatility due to global trade policies, competition, and macroeconomic uncertainties [3][4]. - Exchange rate fluctuations and international logistics challenges are also identified as potential risks impacting the company's operations [3][4].