Core Viewpoint - The company has decided to postpone the expected completion date for its fundraising project related to the issuance of convertible bonds, specifically the "265t/a high-end pharmaceutical intermediate product project," to April 2026 due to various implementation challenges and market conditions [1][4][6]. Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to issue convertible bonds totaling RMB 822.35 million, with a maturity of 6 years and a face value of RMB 100 per bond [1][2]. - The total investment amount for the fundraising project is RMB 863.51 million, with RMB 811.74 million planned to be funded from the raised capital [2][3]. Project Delay Details - The delay in the project is attributed to the need for the company to ensure that the new construction of the third workshop is completed before starting renovations on the first and second workshops, which are critical for transitioning from commissioned processing to self-production [4][5]. - The expected completion date for the project has been postponed from March 2025 to April 2026 due to the late arrival of the raised funds and the need to optimize project progress in response to market demands [5][6]. Impact of Delay - The postponement is a cautious decision based on the actual situation of project implementation and does not alter the investment content or total amount, nor does it significantly impact the company's normal operations [4][6]. - The decision has been reviewed and approved by both the board of directors and the supervisory board, ensuring compliance with relevant regulations and protecting shareholder interests [6][7].