Summary of Key Points Core Viewpoint - The company has decided to postpone the completion date of its HDI project from June 2025 to June 2026, while maintaining the original investment structure and project scope, to enhance the efficiency of fund utilization and align with market conditions [7][9]. Group 1: Fundraising Overview - The company issued 11.54 million convertible bonds on April 4, 2023, with a total fundraising amount of RMB 1,154 million, netting RMB 1,139.62 million after deducting issuance costs [1]. - The funds are managed in a dedicated account as per regulatory requirements, ensuring proper oversight and usage [2]. Group 2: Fund Utilization 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, achieving 81.43% of the total committed investment [5][7]. - The project has partially commenced production, with ongoing investments to enhance capacity [5]. Group 3: Project Delay Details - The HDI project, which began construction in Q4 2019, was initially planned for a 4.5-year construction period, with partial production starting in June 2021 [7]. - The decision to delay the project completion is based on a careful assessment of the macroeconomic environment and industry trends, aiming to optimize investment timing and resource allocation [8]. Group 4: Impact of Delay - The postponement of the project is a strategic decision that does not affect the project's implementation structure or financial allocations, ensuring no adverse impact on the company's operations [9]. - The project aligns with the company's strategic direction and market demand, which is expected to enhance competitiveness and support high-quality growth [8]. Group 5: Approval Process - The decision to delay the project has been approved by the company's board and supervisory committee, adhering to necessary regulatory procedures without requiring shareholder approval [9].