Core Viewpoint - The company, Aotega (002239.SZ), has faced challenges in achieving the expected benefits from its projects, primarily due to declining sales prices and higher-than-expected costs [1] Group 1: Fourth Generation Electric Compressor Project - The project aimed to produce 600,000 units annually but has only generated revenue of 60.11 million yuan by December 31, 2024, falling short of promised benefits [1] - The sales price of electric compressors has decreased by 23.50% from 2022 to 2024, while the reduction in unit costs has been less significant, leading to lower actual gross margins compared to expected margins [1] - The actual expense rate for the project was higher than anticipated, as costs were allocated based on the overall expense rate of the compressor segment [1] Group 2: Compressor Piston Project - The project, which aimed to produce 3.6 million piston units annually, reported a cumulative loss of 9.42 million yuan by September 30, 2025, indicating it has not met expected benefits [1] - The market price for pistons is lower than the company's production costs, making market procurement more economical, resulting in a capacity utilization rate of only 23.91% [1] - Actual production volumes for pistons from 2022 to September 2025 were significantly below expectations, with figures of 151,200, 1,053,600, 1,120,300, and 795,300 units respectively [1]

Summary of Key Points Core Viewpoint The report outlines the usage of previously raised funds by Aotega New Energy Technology Co., Ltd., detailing the amount raised, its allocation, and the adjustments made to investment projects, including the termination of the "Central Research Institute" project and the reallocation of remaining funds to enhance liquidity. Group 1: Fundraising and Allocation - The company raised a total of RMB 442.64 million through a non-public offering of 111,898,727 shares at RMB 3.95 per share, approved by the China Securities Regulatory Commission on December 7, 2020 [1] - As of December 31, 2024, the total amount in the special account for the raised funds was RMB 432 million, with a difference of RMB 5.52 million due to unpaid issuance costs [1] - The company has made adjustments to the implementation of fundraising projects, including changing the project subject and location for the "Annual Production of 600,000 Electric Compressors" project to its wholly-owned subsidiary [1][2] Group 2: Fund Usage and Adjustments - The company decided to terminate the "Central Research Institute" project, reallocating the remaining funds of RMB 26.20 million to permanently supplement working capital [1][6] - The "Annual Production of 3.6 million Compressor Pistons" project was adjusted from an initial target of 15 million units, with surplus funds of RMB 1.12 million used to supplement working capital [1][5] - The company has utilized idle funds for cash management, including a plan to use up to RMB 55 million for short-term bank deposits, enhancing liquidity while ensuring capital safety [2][3] Group 3: Project Performance and Economic Impact - The cumulative returns from the "Annual Production of 3.6 million Compressor Pistons" project fell below the promised returns by over 20%, primarily due to reduced demand for fuel vehicle components and declining procurement prices [8][9] - The "Central Research Institute" project did not generate direct economic benefits and could not be evaluated separately, as its impact is tied to the overall performance of the company [8][9] - The company has confirmed that all fundraising projects have been completed or terminated, with a total of RMB 29.66 million in surplus funds from these projects to be permanently supplemented into working capital [7][8]