Core Viewpoint - The company has officially launched its "Domestic Semiconductor Process Auxiliary Equipment and Key Components Project (Phase I)" in March 2023, focusing on producing essential semiconductor auxiliary equipment and components [1] Group 1: Project Overview - The project aims to manufacture products such as process waste gas treatment equipment, vacuum equipment, and temperature control equipment [1] - The semiconductor auxiliary equipment and core components business is a strategic focus for the company, which is actively increasing product research and market expansion efforts [1] Group 2: Market Development - The company is continuously expanding its L/S market and is making progress in customer validation and supplier access for new products [1] - The company has secured some important customer testing orders, intention orders, or formal orders, indicating positive market reception for new products [1] Group 3: Performance Outlook - The new products are currently in the market promotion stage, and there is uncertainty regarding their short-term impact on the company's performance [1]

Group 1 - Company announced the termination of its plan to issue convertible bonds, originally intended to raise no more than 493 million yuan for semiconductor-related projects and working capital [1] - The decision to withdraw the application was based on changes in the external environment and the company's overall development strategy [1] - The company had previously faced inquiries from the Shanghai Stock Exchange regarding its fundraising plans [1] Group 2 - The company plans to invest 460 million yuan to expand its process exhaust treatment equipment production line and add vacuum/temperature control equipment business [1] - The utilization rate of the new process exhaust treatment equipment is projected to be only 63.62% in 2024, indicating potential challenges in absorbing new production capacity due to cyclical fluctuations in the semiconductor industry [1] - As of the end of 2024, accounts receivable aged over one year accounted for 46.53%, with the company's accounts receivable turnover rate below the industry average [1] Group 3 - The overdue rate of accounts receivable reached 20.98% by the end of February 2025, raising concerns about the company's credit risk [1] - The company's bad debt provision ratio is 2.6% higher than the industry average, despite having similar policies to comparable companies [1] - The presence of customers with litigation or bankruptcy issues has contributed to an accumulating risk in customer repayments, highlighting a mismatch between revenue recognition timing and cash flow [1]