Core Viewpoint - The company plans to terminate the original fundraising project "Zhuhai R&D Center Construction Project" and redirect the raised funds of 83.6017 million yuan to a new project "Jinshan Factory Upgrade and Renovation Project" to enhance automation and manufacturing capabilities [6][8][19]. Meeting Arrangements - The meeting will be held on July 28, 2025, at 14:00 in Shanghai, with both on-site and online voting options available [5][6]. - The agenda includes participant registration, announcement of attendees, reading of meeting rules, and voting on various proposals [6][8]. Fundraising and Investment - The company raised a total of 799.38 million yuan through its initial public offering, with a net amount of 707.38 million yuan after expenses [7][8]. - The remaining funds from the original project, along with their interest, will be used for the new project, which aims to increase production capacity and improve operational efficiency [8][19]. Project Details - The new project will involve purchasing land and constructing automated production facilities, aiming for an annual production capacity of 40,000 tons of electronic chemicals [9][14]. - The total investment for the new project is estimated at 124.0057 million yuan, with significant portions allocated for construction and equipment [9][10]. Market and Strategic Analysis - The decision to shift funding is based on market analysis and the need for long-term strategic development, particularly in response to the growing demand for electronic chemicals in the semiconductor and PCB industries [14][15]. - The project aligns with national and local government policies that support the development of high-end electronic chemicals, providing potential tax and land benefits [15][16]. Financial Projections - The internal rate of return for the new project is projected at 18.68%, indicating a strong potential for profitability [17][19]. - The project is expected to alleviate current production capacity constraints and enhance the company's competitive position in the market [16][19].

Core Insights - In the first quarter, China's shipbuilding exports reached $10.13 billion, marking a year-on-year growth of 2.1%, indicating steady growth in the industry [1] Cost Advantages - China's shipbuilding industry has a significant cost advantage, with new ship prices in the U.S. being up to six times higher than those in China. For example, a MR-type product oil tanker was priced at $125 million in the U.S. compared to $36.5 million in China in 2014 [2] - The cost structure of ships shows that raw materials account for 25%-35%, labor costs for 20%-30%, design management for 5%, and supporting costs for 40%-50% of the total ship cost. China's shipbuilding supply chain has reduced reliance on foreign suppliers, effectively lowering construction costs [3] Efficiency Improvements - Chinese shipyards have significantly improved construction efficiency by optimizing production processes and adopting advanced technologies. For instance, Jiangnan Shipyard reduced the construction time for large container ships from 28 months to 13 months [4] - The efficiency of segmented construction has improved from about 40 hours per ton in 2010 to 15 hours per ton, reaching an internationally leading level [4] High-Tech Shipbuilding Achievements - China has become the only country capable of building aircraft carriers, large LNG carriers, and large cruise ships simultaneously, showcasing its comprehensive shipbuilding capabilities. The fifth-generation 174,000 cubic meter LNG carrier has an 18% increase in cargo capacity and a 50% reduction in fuel consumption compared to the first generation [5] - As of the end of 2024, Chinese companies hold 77.4% of the hand-held orders for VLCCs and 91.6% for container ships over 17,000 TEU [5] Green Shipbuilding Leadership - In green shipbuilding, China leads globally, with a market share of 78.5% for new green ship orders in 2024, covering mainstream ship types [6] Industry Scale and Supporting System - China's shipbuilding capacity is approximately 23.25 million tons, 232 times that of the U.S., with over 75 large shipyards. In 2024, Chinese shipyards are expected to deliver 1,286 new ships, accounting for 54.6% of the global total [8] - The scale effect leads to decreasing marginal costs, allowing Chinese shipyards to offer more competitive products and services, enhancing their global market position [8]