Core Viewpoint - The company has announced a delay in the completion of its fundraising project, specifically the HDI project, while maintaining the same project implementation subject, method, investment purpose, and scale [1][6][8]. Fundraising Overview - The company raised a total of RMB 1,154 million through the issuance of convertible bonds, with a net amount of RMB 1,139.62 million after deducting issuance costs [1][2]. - The funds are managed in a dedicated account as per regulations, ensuring proper oversight [2]. Fund Usage Status - As of April 30, 2025, the total investment in the HDI project reached RMB 2,106.72 million, with RMB 803.04 million sourced from the raised funds and RMB 1,303.67 million from the company's own funds [6][7]. - The project has achieved 81.43% completion, with partial production already initiated [5][6]. Delay Details - The completion date for the HDI project has been postponed from June 2025 to June 2026 due to a cautious approach in investment pacing, considering macroeconomic conditions and industry trends [6][8]. - The project employs a strategy of simultaneous construction and production, which has influenced the timeline [6][7]. Impact of Delay - The delay is a strategic decision that does not affect the project's implementation subject, method, or investment purpose, ensuring no adverse impact on the company's normal operations [8][9]. - The project aligns with the company's long-term development strategy and is expected to enhance operational efficiency and future returns [7][8]. Approval Process - The delay was approved by the company's board and supervisory committee on May 26, 2025, following necessary procedures [8][9]. - The sponsor institution has confirmed that the delay complies with legal regulations and does not alter the project's fundamental aspects [9].