Group 1: Core Competitiveness - The company has developed multiple core technologies through years of independent research, including styrene, POSM, maleic anhydride, polystyrene, and methyl styrene, which have been successfully implemented for technology licensing [4] - The integrated technical capability as a complete solution provider reduces overall costs for clients and enhances collaboration [4] - Continuous upgrades and iterations of technology ensure a strong relative competitive position in the market [4] Group 2: Response to Macroeconomic Changes - The company is focusing on domestic market development while actively expanding into overseas markets to mitigate the impact of macroeconomic changes [5] - Participation in exhibitions has increased the company's influence and recognition abroad, with successful deliveries of polystyrene process packages and initial equipment to overseas clients [5] - Ongoing R&D investments and the development of new technologies and processes, such as the PI project, are beneficial for expanding business segments [5] Group 3: Project Progress - The 12,000 tons/year catalyst project was completed and passed acceptance inspection in June 2025, with trial production currently underway by the wholly-owned subsidiary [6]

Core Viewpoint - Tiancheng Technology (688603.SH) has faced delays in its fundraising projects, with significant implications for its operational strategy and future growth [1][2]. Group 1: Financial Performance and Fundraising - Tiancheng Technology disclosed a total investment of 112.61 million yuan in fundraising by the end of 2024, with a cumulative investment progress of 15.92% [1]. - The company raised a total of 799.38 million yuan through its IPO, with a net amount of 707.38 million yuan after deducting issuance costs, which was 306.29 million yuan more than originally planned [2]. - The IPO was conducted at a price of 55.00 yuan per share, with 14.53 million shares issued, representing 25% of the total share capital post-issuance [2]. Group 2: Project Development and Delays - The "Annual Production of 30,000 Tons of Special Electronic Materials and Electronic Chemicals Project" and the "Zhuhai R&D Center Construction Project" both have a progress rate of 0%, with completion dates postponed to April 2027 [1]. - The slow progress of the projects is attributed to the company's strategy of unified project planning and design, which requires land acquisition for the Zhuhai R&D Center, which has been delayed due to policy changes [1]. - The company aims to improve the efficiency of fundraising usage and avoid resource duplication, leading to the decision to synchronize the development of related projects [1]. Group 3: Strategic Partnerships - Minsheng Securities Investment Co., a subsidiary of the lead underwriter, participated in a strategic allocation, acquiring 726,711 shares, which is 5% of the total issuance, with an investment amount of approximately 39.97 million yuan [3]. - The shares acquired by Minsheng Investment are subject to a holding period of 24 months from the date of the IPO [3].

Core Viewpoint - Tiancheng Technology has reported that the progress of its two IPO fundraising projects, namely the "Annual Production of 30,000 Tons of Special Electronic Materials Chemical Products Project" and the "Zhuhai R&D Center Construction Project," is currently at 0% due to the lack of land use rights for the Zhuhai project [1][5]. Group 1: Project Progress - As of the end of last year, both the "Annual Production of 30,000 Tons of Special Electronic Materials Chemical Products Project" and the "Zhuhai R&D Center Construction Project" have not commenced construction [2][5]. - The company stated that the slow progress of the Zhuhai R&D Center is primarily due to policy adjustments that have delayed the acquisition of necessary land use rights [5]. Group 2: Financial Performance - Since its listing in July 2023, the company has experienced continuous growth in sales revenue and profits, indicating that the development of its main business does not currently rely on the implementation of the fundraising projects [5]. Group 3: Inventory Management - As of the end of 2024, the company's issued goods account balance is approximately 25.88 million yuan, accounting for 64.83% of the total inventory balance [6]. - The company explained that the issued goods are primarily products sent to customers based on their expected consumption, which have not yet met the revenue recognition criteria due to not being signed for by the customers [9].