Summary of Key Points Core Viewpoint - The company has decided to postpone the completion date of its HDI project from June 2025 to June 2026, while maintaining the original investment structure and project scope, to enhance the efficiency of fund utilization and align with market conditions [7][9]. Group 1: Fundraising Overview - The company issued 11.54 million convertible bonds on April 4, 2023, with a total fundraising amount of RMB 1,154 million, netting RMB 1,139.62 million after deducting issuance costs [1]. - The funds are managed in a dedicated account as per regulatory requirements, ensuring proper oversight and usage [2]. Group 2: Fund Utilization Status - As of April 30, 2025, the total investment in the HDI project reached RMB 2,106.72 million, with RMB 803.04 million sourced from the raised funds and RMB 1,303.67 million from the company's own funds, achieving 81.43% of the total committed investment [5][7]. - The project has partially commenced production, with ongoing investments to enhance capacity [5]. Group 3: Project Delay Details - The HDI project, which began construction in Q4 2019, was initially planned for a 4.5-year construction period, with partial production starting in June 2021 [7]. - The decision to delay the project completion is based on a careful assessment of the macroeconomic environment and industry trends, aiming to optimize investment timing and resource allocation [8]. Group 4: Impact of Delay - The postponement of the project is a strategic decision that does not affect the project's implementation structure or financial allocations, ensuring no adverse impact on the company's operations [9]. - The project aligns with the company's strategic direction and market demand, which is expected to enhance competitiveness and support high-quality growth [8]. Group 5: Approval Process - The decision to delay the project has been approved by the company's board and supervisory committee, adhering to necessary regulatory procedures without requiring shareholder approval [9].

宏观经济学之父约翰·梅纳德·凯恩斯（John Maynard Keynes）说过："高关税政策是经济发展的主要障碍之一。"在过 去的几年里，大国间陷入了数次提高关税、谈判和推迟关税增加的循环。这些针锋相对的行动威胁到全球经济复苏 以及受关税影响的跨国公司在全球市场的竞争力。越来越多的跨国公司考虑是否要寻找新的合同制造商，以对冲中 美两国之间关税增加所造成的损失。 东南亚最大的印刷电路板制造商KCE Electronics的CEO表示，他们被寻找中国以外新供应商的美国公司频频联系。 旅行背包公司的联合创始人Fred Perrotta花了四年时间在中国建立他的供应商网络；但在美国宣布对几乎一半的中国 进口商品征收关税后，他的公司开始寻找其他国家的供应商。与此同时，也有许多公司选择按兵不动，因为关税的 变动存在高度不确定性。近年来不断增加的关税不确定性对供应商开发决策提出了巨大挑战，因为这使得评估开发 新供应商的价值变得更加困难。 寻找新供应商的背后 自2001年中国加入世界贸易组织以来，中国主要向美国出口劳动密集型产品，美国则向中国出口技术性商品；两国 都从经济和贸易合作中受益。然而近年，中美之间的贸易环境正在变 ...