Core Viewpoint - The company, Beixin Source (300352), emphasizes its position as a leading provider of network and information security solutions in China, highlighting its versatile products that cater to various information technology needs, including data security and emergency response [1] Company Overview - Beixin Source's products are classified as general-purpose, with no specific industry restrictions, making them applicable to a wide range of information technology requirements [1] - The company has established long-term partnerships with over a hundred airlines and airports, including major players such as China Southern Airlines (600029), China Eastern Airlines, Spring Airlines, Sichuan Airlines, Beijing Daxing International Airport, and China Aviation Group [1] Industry Focus - The company is committed to monitoring trends and technological advancements in the low-altitude economy sector, aiming to enhance its product applications and better serve its customers [1]

Group 1 - The core viewpoint is that Hongdao Investment has conducted research on a listed company, identifying it as a leader in its sector with a significant market opportunity [1] - The company has a dual revenue model consisting of basic service subscriptions and financial value-added services, with fees ranging from 0.5% to 1% [1] - The market potential for the company's services is described as being in the trillion-level range, with financial connection service fees estimated in the hundred billion range [1] Group 2 - The company has nearly thirty years of technological accumulation and is recognized as a leading provider in network and information security in China [1] - Client feedback is highly positive, indicating that the company's products save time and effort, particularly in remote areas [1] - The company is advancing its pledge and bulk matching platform, with a public experience of the first test version planned [1] Group 3 - Hongdao Investment Management Co., Ltd. was founded in March 2010 by a prominent fund manager and has successfully issued over sixty private fund products [2] - The company has a strong investment research system and a comprehensive investment decision-making committee, ensuring proactive and holistic investment strategies [2] - The investment philosophy of the company is centered around "research creates value," aiming to seize trend investment opportunities for maximum returns [2]

Group 1 - The company has become one of the leaders in its sector, offering basic subscription services and financial value-added services with fees ranging from 0.5% to 1% [1] - The market space for the company's services is estimated to be in the trillion-level, with financial connection service fees in the hundred billion range [1] - The company is recognized as a leading provider of network and information security in China, with nearly thirty years of technological accumulation [1] Group 2 - The company has received positive customer feedback, with products helping to save time and effort, especially in remote areas [1] - The company is advancing its pledge and bulk matching platform, with the first test version scheduled for public experience [1] - Shanghai Xitai Investment Management Co., Ltd. was established in July 2014, focusing on secondary market investment management and providing customized product services for investors with different risk preferences [2]

General Information - Hangzhou Deep Technology Co., Ltd. was established as a joint-stock company, inheriting the rights and obligations of the former Hangzhou Deep Technology Co., Ltd. [2][3] - The company was approved by the China Securities Regulatory Commission (CSRC) for its initial public offering of 40.01 million shares on March 22, 2019, and was listed on the Shenzhen Stock Exchange on April 12, 2019 [3][4] - The registered capital of the company is RMB 643,829,039 [4] Company Structure - The company is a permanent stock company, with the legal representative being the chairman of the board [3][4] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3][4] Business Scope - The company's business scope includes network and information security software development, commercial password product sales, import and export of goods, manufacturing of information security equipment, and various technology services [4][5] Share Issuance - The company's shares are issued in the form of stocks, with each share having an equal amount [7] - The face value of each share is RMB 1, and the shares are centrally deposited with the China Securities Depository and Clearing Corporation [7][8] - The company initially issued 100 million shares to its founders, with specific shareholdings detailed for each founder [8][9] Shareholder Rights and Obligations - Shareholders have rights to dividends, voting, and other benefits according to their shareholdings [20][21] - Shareholders must comply with laws and regulations, and they cannot withdraw their capital except as legally permitted [24][25] Share Transfer and Trading - Shares must be transferred in accordance with the law, and the company does not accept its shares as collateral [28][29] - Directors and senior management are restricted from trading shares during specific periods related to financial reporting [31][32] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for convening and voting [52][53] - Shareholders holding more than 10% of shares can request the board to convene an extraordinary meeting [56][57] Financial Assistance and Guarantees - The company can provide financial assistance for acquiring its shares under certain conditions, with limits on the total amount [12][13] - Any external guarantees exceeding specified thresholds must be approved by the board and disclosed [30][31]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - Hangzhou Anheng Information Technology Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [2][3] - The company was approved for public issuance of shares on November 5, 2019, with a total of 18,518,519 shares issued [2][3] - The registered capital of the company is RMB 1,020.65545 million [2][3] Company Structure - The company is a permanent joint-stock company, with the general manager serving as the legal representative [3] - The legal representative's civil activities are binding on the company, and the company bears civil liability for damages caused by the legal representative in the course of duty [3][4] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3][4] Party Organization - The company establishes a Communist Party organization and provides necessary conditions for its activities [4] - The party organization is integrated into the company's management structure and budget [4] Business Objectives and Scope - The company's business objectives are to be standardized, stable, and innovative [5] - The business scope includes network and information security software development, information security equipment manufacturing, and various consulting services [5][6] Shares - The company's shares are in the form of stocks, with a total of 102,065,545 shares, all of which are ordinary shares [8] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [8][9] - The company may provide financial assistance for others to acquire its shares, subject to certain conditions [8][9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise management, and transfer their shares [13][14] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed capital [18][19] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and voting [20][21] - The board of directors is responsible for convening shareholder meetings and must ensure compliance with legal requirements [26][27] - Shareholders holding more than 10% of shares can request a temporary meeting [29][30]

Core Viewpoint - The company has decided to postpone the timeline for certain fundraising projects to ensure better alignment with its development requirements, while maintaining the original investment purposes and scales [4][5][9]. Fundraising Overview - The company raised a total of RMB 1,200,350,429.60 through the issuance of 23,226,595 shares at a price of RMB 51.68 per share, with a net amount of RMB 1,110,273,504.59 after deducting issuance costs [1]. - As of May 31, 2025, the total balance of the fundraising in special accounts is RMB 173,373,500, which does not include RMB 749,000,000 used for cash management in financial products [2][3]. Fundraising Project Status - The total investment amount for the fundraising projects is RMB 106,107,350, with cumulative investments of RMB 25,713,170 as of May 31, 2025 [4]. Reasons for Project Postponement - The postponement is due to delays in project implementation, particularly in the "Internal Security Communication System Upgrade Project" and "Communication Network Information Security and Big Data Operation Product Upgrade Project," caused by external environmental factors and changes in client needs [5][6][8]. Measures to Ensure Completion - The company will adhere to relevant regulations and strengthen the management and supervision of fundraising usage to ensure compliance and effective project implementation [9]. Necessity and Feasibility of Projects - The company has reassessed the necessity and feasibility of the postponed projects, concluding that they remain essential and viable despite the delays [10][11][12][13][14]. Impact of Postponement - The postponement will not materially affect the implementation of the projects or the company's normal operations, and it aligns with the long-term development strategy [15]. Review Procedures - The postponement has been approved by the company's board and supervisory committee, confirming compliance with legal and regulatory requirements [15][16].