Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.039 billion yuan for the construction of an all-season ice and snow testing base for intelligent connected new energy vehicles, aiming to enhance its competitive edge in the cold-weather testing sector [1] Group 1: Company Announcement - On October 17, the company announced its intention to issue convertible bonds totaling no more than 1.039 billion yuan, which will be fully allocated to the construction of the ice and snow testing base [1] - The bonds will have a term of six years from the date of issuance, with the interest rate to be determined based on national policies, market conditions, and the company's specific situation [1] Group 2: Strategic Expansion - The establishment of the new ice and snow testing base represents a strategic move to deepen the company's cold-weather testing capabilities, combining the acquisition of existing assets with new capacity upgrades [1] - The company completed the acquisition of 100% of the equity of the China Automotive Research and Testing Center (Hulunbuir) Co., Ltd. in September 2025, which will be included in its consolidated financial statements [1] Group 3: Financial Performance - The company has experienced revenue and net profit growth in recent years, but the net profit growth rate is expected to slow down starting in 2024, with a projected net profit of 167 million yuan, reflecting only a 1.03% year-on-year increase [3] - As of mid-2025, the company reported cash and cash equivalents of 171 million yuan and trading financial assets of 372 million yuan, with total current assets amounting to 824 million yuan [3] - The company's asset-liability ratio has remained below 18% since 2022, with no interest-bearing debt, indicating strong cash flow [3]