Core Viewpoint - The company has decided to postpone the completion date of the "Marketing Channel Network Upgrade Project" to December 31, 2026, due to various internal and external factors affecting project implementation [3][5][6]. Fundraising Overview - The company raised a total of RMB 1,222.90 million through its initial public offering, with a net amount of RMB 1,135.28 million after deducting issuance costs [2]. - The funds are stored in a dedicated account as per regulatory requirements, ensuring proper management and usage [2]. Project Details - The total investment for the "Marketing Channel Network Upgrade Project" is RMB 120.10 million, which includes costs for office space acquisition, leasing, renovation, and equipment [4]. - The project aims to enhance the company's marketing network and management capabilities by establishing 8 new offices and upgrading 22 existing ones [4]. Delay Reasons - The delay is attributed to the macroeconomic environment and pharmaceutical industry policies, leading to a significant reduction in the actual need for new offices in specific provinces [4]. - The complexity of marketing strategies for various drug delivery methods has also contributed to the extended timeline [4]. Impact of Delay - The postponement is seen as a prudent decision that will not adversely affect the company's normal operations or alter the total investment, usage, or scale of the project [5][6]. - The company aims to improve the efficiency of fund usage and project implementation quality while adhering to regulatory guidelines [5][6]. Decision-Making Process - The decision to postpone was approved by the company's board and supervisory committee during meetings held on May 23, 2025, and does not require shareholder approval [5][6]. - The sponsor institution has confirmed that the postponement complies with relevant laws and regulations, ensuring no harm to the company's or shareholders' interests [7].