Core Viewpoint - The company is undergoing adjustments to its fundraising projects, including delays and changes in investment allocation, to enhance the efficiency of fund usage and align with its strategic development goals [1][19]. Fundraising Basic Situation - The company raised a total of RMB 10.53 billion through its initial public offering, with a net amount of RMB 10.35 billion available for investment [1]. - All raised funds have been deposited into a designated account approved by the board of directors, with a tripartite supervision agreement in place [1]. Fund Investment Project Situation - The funds are allocated to advanced and intelligent technology R&D projects, advanced manufacturing base projects, information technology construction projects, and working capital supplementation [2]. - As of June 30, 2025, a total of RMB 586.34 million has been utilized, representing 56.63% of the committed investment [2]. Delay of Fund Investment Projects - The company has decided to postpone the completion dates for the advanced technology R&D and information technology projects to December 2026 and June 2026, respectively, due to external environmental impacts [3][4]. Reasons for Project Delays - The adjustments are made to ensure the quality of project implementation and to meet the company's development requirements, without changing the project subjects or investment purposes [3][4]. Project Change Situation - The company plans to terminate the investment in the advanced manufacturing base project, reallocating the remaining funds to new projects, including digital transformation and technological upgrades for existing production lines [6][10]. New Investment Project Situation - New projects include the digital transformation of the rail control system and upgrades to cable production lines, with a total investment of RMB 61.55 million planned for these initiatives [9][10]. Impact of Project Changes - The changes are expected to enhance the efficiency of fund usage and align with the company's long-term development strategy, without affecting normal operations or shareholder interests [19][20]. Review Procedures and Opinions - The board and supervisory committee have approved the changes, confirming compliance with relevant regulations and emphasizing the benefits for shareholders [20][21].

Core Viewpoint - Apple's decision to close its first official retail store in mainland China reflects a strategic shift in response to changing retail environments and market dynamics [2][3][4] Group 1: Store Closure Details - The Apple retail store in Dalian's Baijian City will cease operations on August 9, marking the first closure of an official Apple store in mainland China since its entry into the market [2] - The closure is attributed to the overall adjustment of the shopping center's business model, as several retailers have exited the center due to financial difficulties [3] - The Dalian store has been operational for nearly 10 years and will transfer remaining inventory to the only other Apple store in Dalian [2][3] Group 2: Market and Retail Environment - The closure reflects a broader trend in the retail industry, where online sales are increasingly dominating, leading to a transformation of physical stores into experience centers [2][3] - The Dalian shopping center has faced significant financial challenges, with major retailers like Versus and Coach closing their stores as well [3] - The overall foot traffic in the area has declined, prompting Apple to adjust its retail strategy accordingly [3] Group 3: Future Store Strategy - Despite the closure, Apple continues to open new stores in China, with plans for a new location in Shenzhen on August 16 [3] - The company is focusing on high-end, flagship locations that enhance brand presence and customer experience [5] - Apple is expected to adopt a more flexible store strategy to navigate the multifaceted challenges in the Chinese market [5][6] Group 4: Industry Trends - The traditional role of physical stores as traffic drivers is diminishing, leading companies like Apple to reassess the value of their retail locations [6] - Competitors such as Huawei, Xiaomi, and OPPO are rapidly upgrading their stores to enhance customer engagement and adapt to market demands [6] - The competitive landscape is pushing Apple to implement stricter operational cost and efficiency measures in its retail strategy [6]