Summary of Key Points Core Viewpoint The company is adjusting its fundraising investment projects due to changes in market conditions and strategic focus, leading to the completion, suspension, and repurposing of certain projects to enhance efficiency and align with core business objectives [4][10][25]. Group 1: Fundraising Overview - The company raised a total of approximately RMB 3.99 billion through a private placement of 285,603,151 shares, with a net amount of approximately RMB 3.98 billion after deducting issuance costs [1][2]. - As of June 30, 2025, the total amount invested from the raised funds is approximately RMB 158.67 million, representing a usage progress of 39.91% [2][3]. Group 2: Changes in Investment Projects - The company plans to adjust its investment projects to improve efficiency and reduce risks, with six sub-projects completed and reaching operational status, while others will not be implemented [4][10]. - The total amount involved in the adjustments is approximately RMB 271.41 million, accounting for 68.27% of the total raised funds [7][10]. Group 3: Specific Project Adjustments - The "Autonomous Security Integrated Machine Design Simulation Laboratory" and "Special Computer R&D Center" projects are being concluded, while the "AI Server Power Supply R&D Project" will be initiated with a budget of RMB 51 million [6][10][11]. - The "New Energy Vehicle Three Electric Control and Charging Pile Product R&D Project" is being terminated, and funds will be redirected to support core business areas [15][16]. Group 4: Future Investment Directions - The company is focusing on the "Long Wall Power AI Server Power Supply R&D Project," which aims to enhance capabilities in high-power server power supply solutions, with an estimated investment of RMB 20 million over three years [19][20]. - The "Nanhai Undersea Scientific Observation Network Project" is also being initiated, with a total investment of RMB 28 million, primarily funded through raised funds [22][23]. Group 5: Strategic Focus and Market Position - The company is aligning its investments with the strategic direction set by the State-owned Assets Supervision and Administration Commission, focusing on core competencies in autonomous security computing and high-tech electronics [8][9]. - The adjustments reflect a response to the evolving market landscape, including intensified competition and shifts in customer demand, ensuring that the company remains competitive and efficient [9][10].