Core Viewpoint - The independent directors of Nanjing Guanshi Technology Co., Ltd. have provided their opinions regarding the company's response to the inquiry letter from the Shanghai Stock Exchange, emphasizing the importance of transparency and compliance with regulations [1]. Group 1: Investment and Financial Performance - The company plans to invest CNY 1.61 billion in the "Photo Mask Manufacturing Project," which commenced construction in October 2023 and aims to deliver 55nm photo masks by March 2025 [1]. - As of the end of 2024, the cumulative investment in the project reached CNY 1.092 billion, with an expected revenue of CNY 694,700 for 2024 [1]. - Cash payments for fixed assets and long-term assets from 2023 to 2024 were CNY 447 million and CNY 756 million, respectively, with significant increases in the book value of fixed assets and construction in progress [1]. Group 2: Supplier and Transaction Analysis - The independent directors confirmed that the top ten cash outflows for fixed asset purchases from 2023 to 2024 were thoroughly reviewed, and no related party transactions were identified [2]. - The directors also verified that the top ten counterparties for other non-current assets as of the end of 2023 and 2024 were not related parties, ensuring that funds did not flow to the company's controlling shareholders or their affiliates [2].