Core Viewpoint - The company Aishi Chuang (300706.SZ) plans to raise up to 900 million yuan through a private placement to no more than 35 specific investors, with funds allocated to four main projects, including a high-purity semiconductor target material project and R&D for semiconductor materials [1] Group 1: Fundraising and Allocation - The company intends to invest 355 million yuan (39.45% of total funds) in the ultra-high-purity semiconductor target material project [1] - 200 million yuan is earmarked for semiconductor material R&D, while 145 million yuan will go towards photomask materials [1] - The remaining 200 million yuan will be used to supplement working capital and repay bank loans [1] Group 2: Financial Performance - The company reported losses in both 2024 and the first nine months of 2025, with net profits attributable to shareholders at -25.34 million yuan and -30.81 million yuan, respectively [1] - Despite achieving a revenue of 1.093 billion yuan in the first three quarters of 2025, the company has not yet turned around its profitability [1] - The company distributed a total cash dividend of 6.11 million yuan from 2022 to 2023, but did not declare any dividends in 2024 due to losses [1] Group 3: Previous Fundraising and Project Adjustments - In 2021, the company raised approximately 293 million yuan through a private placement, which has been fully utilized as of September 30, 2025 [2] - The initial project for "aluminum-scandium and molybdenum target material R&D" was terminated, and funds were redirected to the "copper target material industrialization project" [2] - The main investment project for "flat panel display sputtering target material construction" did not meet expected benefits due to intensified market competition and rising raw material prices [2]