Core Viewpoint - The company is undergoing adjustments to its fundraising projects, including delays and changes in investment allocation, to enhance the efficiency of fund usage and align with its strategic development goals [1][19]. Fundraising Basic Situation - The company raised a total of RMB 10.53 billion through its initial public offering, with a net amount of RMB 10.35 billion available for investment [1]. - All raised funds have been deposited into a designated account approved by the board of directors, with a tripartite supervision agreement in place [1]. Fund Investment Project Situation - The funds are allocated to advanced and intelligent technology R&D projects, advanced manufacturing base projects, information technology construction projects, and working capital supplementation [2]. - As of June 30, 2025, a total of RMB 586.34 million has been utilized, representing 56.63% of the committed investment [2]. Delay of Fund Investment Projects - The company has decided to postpone the completion dates for the advanced technology R&D and information technology projects to December 2026 and June 2026, respectively, due to external environmental impacts [3][4]. Reasons for Project Delays - The adjustments are made to ensure the quality of project implementation and to meet the company's development requirements, without changing the project subjects or investment purposes [3][4]. Project Change Situation - The company plans to terminate the investment in the advanced manufacturing base project, reallocating the remaining funds to new projects, including digital transformation and technological upgrades for existing production lines [6][10]. New Investment Project Situation - New projects include the digital transformation of the rail control system and upgrades to cable production lines, with a total investment of RMB 61.55 million planned for these initiatives [9][10]. Impact of Project Changes - The changes are expected to enhance the efficiency of fund usage and align with the company's long-term development strategy, without affecting normal operations or shareholder interests [19][20]. Review Procedures and Opinions - The board and supervisory committee have approved the changes, confirming compliance with relevant regulations and emphasizing the benefits for shareholders [20][21].

Group 1 - The stock price of China Communication Signal Corporation (China Tonghao) closed at 5.29 yuan on July 31, down 0.12 yuan, representing a decline of 2.22% from the previous trading day [1] - The trading volume on that day was 358,957 hands, with a total transaction amount of 1.91 billion yuan [1] - China Tonghao is engaged in the research and development, manufacturing, and engineering services of rail transit control systems, covering high-speed rail, conventional rail, and urban rail transit [1] Group 2 - On July 31, China Tonghao announced that its board of directors and supervisory board approved a proposal to use idle raised funds for cash management, allowing for the use of up to 2.7 billion yuan for purchasing safe, liquid, and capital-preserving investment products [1] - On July 29, the private fund management company under China Tonghao, Tonghao Venture Capital Fund Management (Beijing) Co., Ltd., completed the registration and filing for private fund management, focusing on investment in smart rail transit, smart low-altitude, and smart city sectors [1] - On July 31, the net outflow of main funds for China Tonghao was 5.94 million yuan [1]

Core Viewpoint - China Railway Signal & Communication Corporation (CRSC) has established a private equity fund management company, Tonghao Fund, to invest in smart transportation and urban development sectors, marking a significant step in its dual-driven strategy of "industry + capital" [5][6]. Group 1: Fund Establishment and Management - Tonghao Fund was registered on July 29, 2025, with a registered capital of 100 million yuan and paid-in capital of 50 million yuan, currently employing 7 full-time staff [3][6]. - The fund is fully owned by CRSC Capital Operation Co., Ltd., and aims to manage multiple funds in collaboration with central enterprises, local resources, and financial institutions [5][6]. Group 2: Investment Focus and Strategy - The fund will focus on investment areas such as smart rail transit, smart low-altitude operations, smart cities, and intelligent operations, leveraging CRSC's core technology in intelligent control [5][6]. - The goal is to accelerate the development of smart terminal equipment industries and create new growth points for CRSC by addressing existing gaps in its capabilities [5][6]. Group 3: Leadership and Expertise - The legal representative and general manager of Tonghao Fund, He Chuan, has extensive experience in investment management, having previously worked at various financial institutions [7]. - He Chuan has been involved in establishing multiple CVC technology innovation funds, focusing on sectors like equipment manufacturing, intelligent transportation, TMT, and artificial intelligence [7].

Core Viewpoint - China Communications Signal Group has established a private equity fund management company, CRSC Venture Capital Investment Fund Management (Beijing) Co., Ltd, to invest in smart rail transit, smart low-altitude, smart cities, and intelligent operations [2][4]. Group 1: Fund Establishment and Structure - The fund was registered on July 29, 2025, with a registered capital of 100 million yuan and a paid-in capital of 50 million yuan [4][5]. - The fund is fully owned by China Communications Signal Group Capital Operation Co., Ltd, which aims to create an actively managed capital platform for central enterprises [5][6]. - The fund will manage the entire process of fundraising, investment, management, and exit in a standardized and professional manner [6]. Group 2: Investment Focus and Strategy - The fund plans to collaborate with central enterprises, local resources, and financial institutions to establish multiple funds [6]. - It will leverage China Communications Signal's core technology advantages in smart control to accelerate the development of the smart terminal equipment industry [6]. - The investment strategy aims to address weaknesses and enhance strengths within the company, creating new growth points through fund investments [6]. Group 3: Leadership and Expertise - The fund's legal representative and general manager, He Chuan, has extensive experience in equity direct investment and has previously worked with various financial institutions [6]. - He Chuan has been involved in establishing multiple CVC technology innovation funds, focusing on sectors such as equipment manufacturing, intelligent transportation, TMT, and artificial intelligence [6]. Group 4: Company Background - China Communications Signal Group, founded in 1953, is a large central enterprise directly supervised by the State-owned Assets Supervision and Administration Commission [7]. - The company specializes in high-tech industries with a focus on intelligent control technology and is a provider of rail transit control systems [7].

Core Viewpoint - The low-altitude economy is a focal point for investors, with the company emphasizing the need for effective management to realize its potential [2][3] Group 1: Low-altitude Economy Development - The development of the low-altitude economy requires a long-term process, with the need for large-scale applications in low-altitude transportation and logistics to unlock its potential [3] - The company is addressing three core issues in low-altitude airspace management: effective control of numerous flying vehicles, communication for unmanned aerial vehicles, and establishing a countermeasure technology system [3] - The company is collaborating with three academic teams to advance technology in communication, control, and countermeasures within the low-altitude economy [3] Group 2: Technological Advancements - The company has developed an intelligent airspace management system that balances safety and efficiency, capable of addressing key issues such as tracking multiple aircraft, conflict detection, and non-cooperative drone identification [4] - The company is extending its smart control technology advantages into the low-altitude sector, aiming to cultivate a dual-track strategy in both rail transportation and the low-altitude economy [5] Group 3: Business Expansion and Collaboration - The company is actively promoting low-altitude inspection and logistics applications in various cities, aiming to create integrated development models that combine rail and low-altitude operations [6] - The company has initiated partnerships with major organizations to develop low-altitude operations, logistics, and government inspection services [6] Group 4: Value Management and Investor Relations - The company places high importance on market value management and has implemented specific measures to enhance it [7] - The company plans to distribute a cash dividend of 0.17 yuan per share, totaling 1.8 billion yuan, which represents 51.51% of the net profit attributable to shareholders for 2024 [7] - The company is optimistic about future growth and aims to maintain a high level of profit distribution through business structure optimization and market stability measures [7]