Core Viewpoint - The company has terminated its collaboration on the Yancheng Supercharging Project, which was initially expected to be a significant investment opportunity, due to changes in strategic investment plans after nearly three years of development [1][2]. Group 1: Project Overview - The Yancheng Supercharging Project was announced in December 2022 with a total investment of 360 million yuan, planned to be executed in two phases [2]. - The project aimed to establish a joint venture focused on the research, production, testing, and sales of supercharging technology, including the construction of core modules for charging piles [1][2]. Group 2: Project Progress and Challenges - Despite the initial optimism, the supercharging business has remained largely in the research and development phase, with no significant updates on product offerings from 2023 to 2025 [1][5]. - The company has not reported any revenue contributions from the supercharging business in its financial statements, indicating a lack of commercial success [5][6]. Group 3: Financial Performance - In 2024, the company reported total revenue of 2.237 billion yuan, a year-on-year increase of 57.81%, but incurred a net loss of 122 million yuan [6]. - The financial difficulties were attributed to declining product sales prices, lower gross margins, and various impairment losses [6]. Group 4: Industry Context - In contrast to the stagnation of the company's supercharging project, the domestic supercharging network is expanding rapidly, with significant advancements reported in various provinces and by leading companies in the sector [7]. - For instance, Chongqing connected 1,468 supercharging stations and 2,270 supercharging piles in the first half of 2025, showcasing the industry's growth [7].