Core Viewpoint - The company has decided to postpone the timeline for certain fundraising projects, specifically the "Technology Reserve Fund Project," to ensure alignment with its long-term development strategy and to enhance its core technology and market competitiveness [2][4]. Fundraising Basic Situation - The company issued convertible bonds totaling RMB 380 million on June 28, 2023, with a net amount of RMB 371.09 million after deducting issuance costs [1]. - The funds are managed in a dedicated account to protect investor interests, and a tripartite supervision agreement has been established [1]. Fundraising Investment Project Situation - The total investment for the projects funded by the convertible bonds is RMB 483.04 million, with RMB 371.09 million allocated for specific projects, including smart photovoltaic and battery management PLC chip development [2]. Postponement Details - The original deadline for the "Technology Reserve Fund Project" to reach a usable state was June 2025, which has now been extended to December 2026 [3][4]. - The postponement is based on a comprehensive assessment of funding usage and actual construction progress, ensuring that the project remains aligned with the company's strategic goals [2][4]. Impact of Postponement - The postponement is a prudent decision that does not alter the project’s implementation subject, method, or funding usage, and it will not adversely affect the project's execution [4][6]. - The decision complies with regulatory requirements and does not harm the interests of the company or its shareholders [4][6]. Review Procedures - The company's board approved the postponement on June 13, 2025, and the sponsor institution, CITIC Securities, provided a clear verification opinion on the matter [4][6].

Group 1: Event Overview - The 11th China (Shanghai) International Technology Import and Export Fair (referred to as "the Fair") was held with the theme "Open Cooperation: Empowering New Quality Productivity and Sustainable Development" [1] - The Fair focused on technology trade, gathering nearly a thousand domestic and foreign enterprises across various fields such as aerospace, marine engineering, intelligent manufacturing, green energy, and blockchain [1] Group 2: Exhibitor Highlights - Shanghai Xiumei Model Co., Ltd. showcased its innovations in 3D modeling, dynamic simulation, and animation production, emphasizing its capabilities in virtual simulation and intelligent manufacturing [3] - Shanghai Xinpin presented its modular laboratory solutions, which are highly flexible and customizable, aimed at creating efficient and sustainable laboratory environments [6] Group 3: Chip Industry Focus - Haiguang Information, established in 2014, specializes in high-end processors and accelerators, focusing on providing core computing power for China's digital transformation [10] - The company emphasizes "native security" in its chip design, integrating security modules at the CPU architecture level to enhance overall system security [14] Group 4: Blockchain Technology - The blockchain exhibition area made its debut at the Fair, featuring over ten key industry enterprises and showcasing more than 20 unique application scenarios related to cross-border trade and public services [15] - Shanghai is accelerating the integration of blockchain technology with the real economy, with companies like Pujiang Shulian and Changjiang Delta Shulian focusing on large-scale blockchain infrastructure [18]

Core Viewpoint - The report outlines the progress and challenges faced by Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. regarding its fundraising projects, specifically in the development and industrialization of smart meter chips and SoC chips, indicating that the projects are behind schedule but still feasible [1][17]. Fundraising Project Progress - As of the end of 2024, the investment progress for the "Dual-Core Modular Smart Meter Measurement Chip R&D and Industrialization Project," "Dual-Core Modular Smart Meter Management Chip R&D and Industrialization Project," and "Smart Grid Dual-Mode Communication SoC Chip R&D and Industrialization Project" were 29.71%, 15.60%, and 29.01% respectively, with expected operational dates in December 2025 and December 2026 [1][4]. - By April 2025, the cumulative investment for the three projects was 4,659.14 million yuan, 2,095.94 million yuan, and 5,089.06 million yuan respectively, with the investment progress being 34.72%, 16.61%, and 33.77% [3][4]. Financial Performance - The projects have reported negative benefits, with losses of 1,638.24 million yuan for the measurement chip project, 689.79 million yuan for the management chip project, and 1,681.03 million yuan for the SoC project due to low sales volumes and high R&D costs [14][15]. - The measurement chip project achieved revenue of 2,431.61 million yuan with a sales volume of 244.73 million units, but the low sales scale resulted in insufficient gross profit to cover ongoing R&D costs [14][15]. Project Challenges - The slow progress of the measurement and management chip projects is attributed to factors such as the maturity of technology, long replacement cycles for smart meters, supply chain issues, and intense market competition [7][8]. - The SoC chip project faces challenges due to the current market conditions and competition, with many devices still preferring single communication modes due to cost considerations [9][10]. Future Plans - The company plans to continue developing the dual-core modular smart meter projects while exploring new application scenarios in distributed energy measurement and smart charging [9][10]. - For the SoC chip project, the company aims to enhance its market presence by expanding into smart home and smart city applications, while also targeting overseas markets [10][11]. Compliance and Disclosure - The company has conducted board meetings to review and extend the implementation period of the fundraising projects, ensuring compliance with relevant regulations and timely disclosures regarding project feasibility and progress [6][17].

Group 1 - Xiaomi celebrated its 15th anniversary by launching several key products, including the Xuanjie O1 chip, the Xiaomi S15 Pro smartphone, and the Xiaomi Yu7 electric vehicle [1] - The company has invested a total of 102 billion yuan in R&D over the past five years, exceeding its initial plan by 20 billion yuan, with an expected R&D investment of 30 billion yuan this year [1] - Xiaomi plans to double its R&D spending over the next five years, targeting a total of 200 billion yuan [1] Group 2 - Xiaomi's automotive and chip businesses have transitioned from zero to one in the past five years, with the SU7 expected to deliver 137,000 units in 2024, placing it among the top new car manufacturers [3] - The company has committed to a long-term investment plan of at least 50 billion yuan over the next ten years for its chip development, despite experiencing a decline in performance in 2022 [3] - Xiaomi has invested over 13.5 billion yuan in the Xuanjie chip development over the past four years, with a team of more than 2,500 people [5] Group 3 - The Xuanjie O1 chip utilizes a 3nm process technology, similar to Apple's latest A18 chip, although Xiaomi acknowledges that its performance still lags behind Apple's [7] - The Xiaomi Yu7 is positioned as a luxury high-performance SUV and is the company's first SUV model [7] - Xiaomi has not disclosed the price or pre-order information for the Yu7, suggesting it may be priced competitively with the SU7 [9]

Group 1 - The recent modifications to the "Major Asset Restructuring Management Measures for Listed Companies" by the CSRC are aimed at optimizing resource allocation and enhancing corporate competitiveness through mergers and acquisitions [3] - The encouragement of private equity funds to participate in mergers and restructurings broadens funding channels and presents new development opportunities for listed companies [3] - The integration of private equity funds can introduce advanced production technologies and management practices, facilitating the transition from labor-intensive to technology-intensive operations in traditional manufacturing [3] Group 2 - The Ministry of Industry and Information Technology is accelerating the development of 5G-A and 6G technologies, which are crucial for the digital economy and will enhance industrial internet applications [4] - 5G-A technology will improve network speed and reduce latency, supporting sectors like smart transportation and healthcare [4] - The advancement of 6G technology will enable broader connectivity and integration of AI and blockchain, transforming various industries and daily life [4] Group 3 - The National Data Bureau's planning in the digital economy aims to standardize the data factor market and promote data sharing and secure circulation [5] - By establishing a robust data governance system, barriers to data flow between industries can be broken, enhancing innovation and decision-making [5] - The synergy between capital market reforms and technological advancements will provide easier financing for tech innovation and create new growth opportunities for listed companies [5] Group 4 - The coordinated efforts of multiple departments will drive the economy towards high-quality development through capital market reforms and technological progress [6] - Companies will benefit from an optimized market environment for resource integration and innovation, while industries will undergo transformation and upgrades through advanced technologies [6] - The ongoing policy support and active market participation are expected to lead to a more vibrant and competitive economic system [6]

在江夏区湖泗漍海洋村，返乡村民杨和平正忙着打理自家民宿。两年前还在外漂泊的 他，如今已能熟练接待八方来客。"家乡的土壤让梦想生根，我们的螃蟹、莲藕，都成了'网 红'。"这位新农人的蜕变，正是武汉磁吸效应催生的万千故事之一。 5月15日，"楚材聚汉 共建支点"京津冀企业武汉行座谈会上，30多家京津冀企业带 着"看家本领"来到武汉，不仅带来16颗"金种子"，更试水出一条"需求牵引+场景验证+政策 护航"的跨区协同新路。 "武汉是国家科技创新中心，也是商贸物流中心，未来也会成为低空物流中心。"上海磐 易科技有限公司CEO张弘毅谈到，将在汉建立研发基地，服务机场高铁安防，与本地车企协 寒序科技（北京）有限公司计划将自主研发的磁概率计算芯片研发基地落子武汉，"这 里的产业集群能为芯片封装提供关键支撑，能让我们把实验室里的'磁'变成市场上 的'力'。"公司首席战略官巩子瑞坦言。 "既想让乡亲们吃上有机食品，更想留住乡愁。"乡情与商机的双重引力，也牵引了更多 楚商的回归，会上，北京武汉企业商会会长、北京恒日工程机械有限公司董事长杨驰升说。 此次，他追加7.3亿元，投资建设武汉阳森·湖泗漍海洋生态谷二期项目，计划于今年底动 ...

Group 1 - The mayor of Suzhou, Wu Qingwen, emphasizes the need to optimize the business environment and enhance government service efficiency to support enterprises in building confidence and sustaining development momentum [1][2] - Guangbenwei Technology (Suzhou) Co., Ltd. focuses on the research and development of integrated optical computing chips and optoelectronic fusion photon computing boards, with the mayor encouraging the company to accelerate breakthroughs in key core technologies [1] - Suzhou Ashite Energy Technology Co., Ltd. provides energy storage system solutions and a full range of safe and efficient energy storage products, with the mayor urging the company to seize opportunities in green and low-carbon development [1] Group 2 - Ruotai Technology Co., Ltd. in Suzhou Industrial Park specializes in the design, research and development, production, sales, and service of cultural and creative trendy products, with the mayor encouraging the company to strengthen its brand IP and develop high-quality cultural products [2] - The mayor stresses the importance of local departments working closely with enterprises to provide efficient and precise government services, creating the best environment for business development [2]

Group 1 - The core point of the news is the successful issuance of the first "computing power loan" in Guangdong province by Shunde Rural Commercial Bank, providing 10 million yuan to a local smart chip R&D company, marking a significant milestone in financial innovation towards the AI infrastructure sector [1][3] - The "computing power loan" model is designed to cover the entire industry chain, allowing upstream hardware R&D companies to access liquidity through "computing power operation loans" and midstream service providers to upgrade facilities via "computing power upgrade loans" [3] - The success of this model relies on precise evaluation of enterprise data assets, which include vast amounts of test data, patent documents, and supply chain information generated by the smart chip R&D company [3] Group 2 - The traditional financial reporting system struggles to reflect the value of data assets, leading to a structural contradiction where companies are "data-rich" but "credit-poor" [3] - The introduction of data asset accounting (DACPA) is crucial for addressing this issue, as it allows for the recognition, measurement, and disclosure of data assets, facilitating better access to financing [3][10] - The People's Bank of China and other departments have emphasized the need to explore the value of data elements, with local practices in Foshan, such as digital asset financing loans, requiring companies to establish standardized data asset management mechanisms [3] Group 3 - The demand for specialized data asset management professionals is rapidly increasing in Foshan, driven by the integration of AI and manufacturing, leading to the emergence of the data asset accounting profession [8] - The data asset accounting examination has established a three-tier certification system to meet the market's need for standardized talent, allowing qualified individuals to apply directly for senior certification [8] - The examination materials cover foundational frameworks for data rights confirmation and valuation, with a focus on practical accounting skills at different levels [8] Group 4 - The underlying logic revealed by the Foshan case is that computing power acts as the "electricity" of the new era, while data assets serve as the "fuel" driving this generator [10] - The role of data asset accounting professionals is to translate the commercial potential of enterprise data resources into a language that financial institutions can understand, which is essential for the success of the "computing power loan" model [10] - As more companies employ certified professionals, the innovative experience of "digital asset financing loans" in Foshan is expected to accelerate replication, creating a virtuous cycle of "data asset accounting—credit value enhancement—financial resource connection" [15]

Group 1: DPU and AI Infrastructure - The Data Processing Unit (DPU) is recognized as the "third main chip" following CPU and GPU, with the latest third-generation DPU chip K2-Pro showcased at the Zhongguancun Forum [3] - The K2-Pro chip is designed to address challenges in large-scale data centers, achieving network throughput of 25G and 100G, filling a gap in the high-performance network card market [3] - The rapid development of AI, 5G, and the metaverse necessitates innovative computing solutions, with heterogeneous computing (DPU + CPU + GPU) becoming mainstream for next-generation intelligent computing centers [3] Group 2: AI Industry Development - The "Artificial Intelligence +" exhibition area highlighted the importance of autonomous innovation in computing infrastructure for AI industry growth, featuring products from GPU company Moore Threads [4] - The "Kua'e" system-level computing solution is tailored for large model training and inference, meeting the core demands of the large model era [4] - The Beijing Digital Economy Computing Power Center, a key project, integrates thousands of P-level domestic computing resources and provides various services for AI industry development [6] Group 3: Medical Innovations - The first non-invasive multi-channel brain oxygen monitoring device developed by Zhongke Boyue can monitor eight brain regions and is expected to enter clinical use in 2026 [7] - The Lattice NEXT blood flow-directed mesh stent, developed by Aike Medical Devices, expands the treatment range for intracranial aneurysms and has been recognized as an innovative medical device [9]