Core Viewpoint - The report outlines the progress and challenges faced by Jiuquan Optoelectronics Technology (Shanghai) Co., Ltd. regarding its fundraising projects, specifically in the development and industrialization of smart meter chips and SoC chips, indicating that the projects are behind schedule but still feasible [1][17]. Fundraising Project Progress - As of the end of 2024, the investment progress for the "Dual-Core Modular Smart Meter Measurement Chip R&D and Industrialization Project," "Dual-Core Modular Smart Meter Management Chip R&D and Industrialization Project," and "Smart Grid Dual-Mode Communication SoC Chip R&D and Industrialization Project" were 29.71%, 15.60%, and 29.01% respectively, with expected operational dates in December 2025 and December 2026 [1][4]. - By April 2025, the cumulative investment for the three projects was 4,659.14 million yuan, 2,095.94 million yuan, and 5,089.06 million yuan respectively, with the investment progress being 34.72%, 16.61%, and 33.77% [3][4]. Financial Performance - The projects have reported negative benefits, with losses of 1,638.24 million yuan for the measurement chip project, 689.79 million yuan for the management chip project, and 1,681.03 million yuan for the SoC project due to low sales volumes and high R&D costs [14][15]. - The measurement chip project achieved revenue of 2,431.61 million yuan with a sales volume of 244.73 million units, but the low sales scale resulted in insufficient gross profit to cover ongoing R&D costs [14][15]. Project Challenges - The slow progress of the measurement and management chip projects is attributed to factors such as the maturity of technology, long replacement cycles for smart meters, supply chain issues, and intense market competition [7][8]. - The SoC chip project faces challenges due to the current market conditions and competition, with many devices still preferring single communication modes due to cost considerations [9][10]. Future Plans - The company plans to continue developing the dual-core modular smart meter projects while exploring new application scenarios in distributed energy measurement and smart charging [9][10]. - For the SoC chip project, the company aims to enhance its market presence by expanding into smart home and smart city applications, while also targeting overseas markets [10][11]. Compliance and Disclosure - The company has conducted board meetings to review and extend the implementation period of the fundraising projects, ensuring compliance with relevant regulations and timely disclosures regarding project feasibility and progress [6][17].