Core Viewpoint - Harbin New Light Optoelectronics Technology Co., Ltd. is facing slow progress and multiple delays in its fundraising projects, which raises concerns about the feasibility and necessity of these projects in light of current market conditions and operational performance [1][2][3]. Summary by Relevant Sections Fundraising Project Progress - The company plans to invest CNY 250 million in the "Optomechanical Integration Product Mass Production Line Upgrade and Precision Optomechanical Parts Manufacturing Project," with a current investment of CNY 1.4772 million, representing 0.83% progress as of May 31, 2025 [2][3]. - The "R&D Center Construction Project" has a planned investment of CNY 136 million, with a current investment of CNY 37 million, indicating 27.08% progress [1][2]. Reasons for Delays - The delays in project progress are attributed to uncontrollable factors affecting military product orders, leading to fluctuations in revenue from mass-produced products, which were CNY 30.54 million, CNY 9.71 million, and CNY 16.27 million for the years 2022, 2023, and 2024 respectively [2][3]. - The company has been cautious in proceeding with project construction to avoid idle fixed assets, considering the long development cycles of weapon systems and the increasing demands for advanced technology and product quality [2][3]. Market Environment and Project Feasibility - The project is deemed necessary to align with national defense modernization strategies, which emphasize the integration of mechanization, information technology, and intelligence in military development [6][8]. - The company possesses advanced core technologies that provide strong technical support for the project, having achieved significant breakthroughs in various key technologies [8][9]. Customer and Supplier Relationships - The company has established stable and long-term relationships with major clients, including military research institutes and state-owned enterprises, ensuring a consistent order flow [26][27]. - The procurement process is managed through a comprehensive internal control system, maintaining stable relationships with suppliers despite annual fluctuations in procurement scale due to varying customer demands [27][28]. Future Project Arrangements - The company has outlined a detailed construction plan for the projects, with specific timelines for completion and measures to mitigate the risk of further delays [29][30].