Core Viewpoint - The company has announced changes to certain fundraising investment projects, including the completion of the "Heyuan New Energy Magnetic Integration Device Intelligent Manufacturing Project" and the extension of the timeline for the "Large Capacity Transformer Intelligent Production Line Construction Project" due to various market and operational factors [1] Group 1: Project Changes - The "Heyuan New Energy Magnetic Integration Device Intelligent Manufacturing Project" has reached a state of readiness for use and is now concluded, with surplus fundraising of 16.38 million yuan being permanently allocated to supplement working capital [1] - The timeline for the "Large Capacity Transformer Intelligent Production Line Construction Project" has been extended from April 30, 2026, to April 30, 2027 [1] Group 2: Reasons for Changes - The project delays are attributed to macroeconomic fluctuations, changes in industry market demand, and actual operational conditions, leading the company to implement dynamic control over equipment procurement and production line construction [1] - The company is exercising caution in the use of fundraising to ensure that the investment pace aligns with actual market conditions, thereby safeguarding project quality and long-term benefits [1]

Core Viewpoint - Shenzhen Jingquan Technology Co., Ltd. has announced the completion of certain fundraising projects and the permanent allocation of surplus funds to working capital, along with the postponement of some fundraising projects [1][10]. Fundraising Overview - The company raised a total of approximately 435.5 million RMB (around 63.5 million USD) through a non-public offering of 13,089,870 shares at a price of 33.27 RMB per share, with a net amount of approximately 420.6 million RMB (around 61.1 million USD) after deducting issuance costs [1][2]. Project Completion and Fund Allocation - The "Heyuan New Energy Magnetic Integrated Device Intelligent Manufacturing Project" has been completed and will have its surplus funds of approximately 16.38 million RMB (around 2.4 million USD) permanently allocated to working capital, while retaining about 1.51 million RMB (around 0.22 million USD) for pending contractual payments [6][7][8]. Reasons for Surplus Funds - The surplus funds resulted from strict adherence to fundraising regulations, efficient resource allocation, and effective cost control during project implementation, which allowed the company to manage idle funds for cash management and earn some interest income [5][6]. Project Postponement Details - The "Large Capacity Transformer Intelligent Production Line Construction Project" has been postponed from April 30, 2026, to April 30, 2027, due to macroeconomic fluctuations and changes in market demand, ensuring project quality and long-term benefits [8][9]. Impact of Postponement - The postponement is a strategic decision that does not alter the project’s implementation subject, fundraising purpose, or investment scale, and is aimed at ensuring efficient use of funds and achieving project goals [9][10]. Decision-Making Process - The board of directors approved the proposals regarding project completion and fund allocation during a meeting held on January 27, 2026, with unanimous support from all attending members [10][11].

Core Viewpoint - The launch of the Ningxia-Hunan ±800 kV UHVDC project marks a significant milestone in China's renewable energy transmission, capable of delivering over 36 billion kWh annually, with more than 50% from renewable sources. This development is expected to drive substantial growth in the related industrial chain, benefiting multiple listed companies in the sector [1]. Industry Overview - The UHV construction in China is experiencing a boom, leading to high growth in the performance of companies involved in the supply chain, including cable, transformer, converter station, insulation, and control systems [1]. - China's UHV construction capabilities are globally leading, covering everything from original technology to complete equipment, engineering design, and operational maintenance [1][4]. Company Performance - Baoding Tianwei Baobian Electric Co., Ltd. reported a revenue of 2.995 billion yuan, a year-on-year increase of 60.89%, and a net profit of 75.37 million yuan, up 230.76% [2]. - Henan Tongda Cable Co., Ltd. achieved a revenue of 3.618 billion yuan, a 37.28% increase, and a net profit of 61.87 million yuan, growing by 68.42%. The company saw an 80.17% increase in new orders for its cable business [2]. - Pinggao Group Co., Ltd. reported a revenue of 5.696 billion yuan, a 12.96% increase, and a net profit of 666 million yuan, up 24.59% [3]. Market Trends - The industry is entering a prosperous cycle, with high demands for materials and technology in UHV projects. China has completed several high-difficulty and high-technology projects, solidifying its global leadership in this field [4]. - The ongoing construction of several UHV projects, including the world's highest UHVDC project, is expected to enhance the integration of clean energy into the national grid [4]. - Future investments in the UHV sector are anticipated to continue increasing, driving high demand for high-end equipment, key materials, and construction services [5].