Core Viewpoint - The establishment of the National Artificial Intelligence Application Pilot Base in the energy sector aims to bridge the gap between AI technology research and practical application in the power industry, with a projected annual growth of 25% in the AI application market by 2027 [1][3]. Group 1: AI Pilot Base Overview - The AI pilot base will collaborate with 19 enterprises and research institutions, including China Huadian and Baidu, to develop over 10 typical industry application scenarios by 2027 [1][3]. - The base will provide diverse services such as testing certification, result transformation, product development, and ecological support to address the disconnect between research outcomes and practical applications in the power AI sector [3][5]. Group 2: Operational Mechanism - The pilot base serves as an open and shared incubation platform, offering computational support, data samples, and a complete toolchain for enterprises to test and validate AI technologies in realistic power grid scenarios [3][5]. - The base will focus on technologies that address significant industry needs and common application bottlenecks, thereby reducing barriers to the adoption of new technologies [5][8]. Group 3: Industry Collaboration and Ecosystem - The sustainable operation of the pilot base relies on collaborative efforts from government, research institutions, technology companies, and power enterprises to facilitate the flow of innovative elements such as data, computational power, and algorithms [5][8]. - The base aims to create a benchmark for collaborative innovation in the industry, promoting the development of standardized solutions and accelerating the intelligent upgrade of the power sector [5][11]. Group 4: Future Directions - The company plans to leverage the pilot base to tackle high-value scenarios like renewable energy power forecasting, enhancing the integration of AI with the power industry [11].

Core Viewpoint - The company plans to terminate certain sub-projects of its fundraising investment projects, delay the timeline for other projects, and add new implementation entities and locations, aiming to optimize the use of raised funds and ensure the efficient execution of investment projects [7][24]. Fundraising Project Overview - The company issued 4,108,060 convertible bonds with a face value of 100 RMB each, raising a total of 410.806 million RMB, with a net amount of 403.846 million RMB after deducting issuance costs [8][9]. - As of May 31, 2025, the total planned investment for the fundraising projects was 403.645 million RMB, with 103.992 million RMB actually invested, indicating a significant difference in progress [10]. Termination of Sub-Projects - The decision to terminate certain sub-projects is due to intensified competition in the smart inspection and energy sectors, leading to increased price sensitivity among customers and a decline in industry profit margins [12][13]. - The terminated sub-projects include the development of inspection robots and systems for land-based photovoltaic and offshore wind inspections, among others [13][14]. Delay of Remaining Projects - The company plans to extend the timeline for other fundraising projects to December 2026, including the construction of a new headquarters and various R&D projects [16][17]. - The delay is attributed to the need for compliance with updated industry standards and the enhancement of product reliability through additional testing and data collection [16][18]. Justification for Continuing Projects - Continuing the fundraising projects aligns with the company's strategic focus on smart power products and digital transformation in the energy sector, which is supported by national policies promoting digitalization [19][22]. - The company has received multiple awards for its technological advancements, indicating strong recognition and support from key industry players [19][22]. Changes in Implementation Entities - The implementation entity for the testing center project has been updated to include a subsidiary in Jiaxing, Zhejiang, to facilitate project execution [23]. Measures for Project Completion - The company will enhance supervision and management of fundraising projects to ensure timely completion and effective use of funds, including regular evaluations and adjustments to project strategies [24].

Core Viewpoint - JiaYuan Technology Co., Ltd. has withdrawn its application for IPO, leading to the termination of its listing review by the Shenzhen Stock Exchange [1] Company Overview - JiaYuan Technology is a high-tech enterprise focused on providing IoT terminals and digital solutions in the smart power sector, enhancing the perception, communication, and data processing capabilities of power terminal devices and systems through IoT technologies [3] - The company primarily engages in the R&D, production, and sales of smart integrated terminals (TTU) and low-voltage branch monitoring units (LTU), along with offering digital solutions such as smart substations and remote intelligent inspections [3] Market Position - JiaYuan Technology has established a significant market position in digital solutions for substations, with 2,801 integrated service substations and 1,370 standalone gateway substations procured by State Grid Jiangsu Electric Power Co., Ltd. since 2020, representing 18.90% and 9.24% of the Jiangsu smart substation market, respectively [3] Sales and Revenue - From 2021 to Q1 2023, JiaYuan Technology reported revenues of 528 million yuan, 581 million yuan, and 71.76 million yuan, with net profits of 89.29 million yuan, 91.77 million yuan, and a loss of 7.75 million yuan [4] - The company has a high customer concentration, with sales to State Grid and its subsidiaries accounting for 75.31%, 63.35%, and 79.44% of total revenue from 2020 to 2022 [4] Accounts Receivable - JiaYuan Technology has a significant accounts receivable balance, which increased from 69.69 million yuan in 2020 to 276 million yuan in 2022, attributed to revenue growth and credit terms extended to reputable clients [5] IPO History - The company initially planned to raise 911 million yuan through its IPO to fund various projects, including R&D for smart power IoT terminals and communication modules, but ultimately withdrew its application after nearly two years post-approval [5]