To invest non-public shares in the smart grid and tungsten-molybdenum products, Bailey Electric issued an announcement stating that it will invest the capital raised from the non-public offering of shares into the smart grid and tungsten-molybdenum products sector. The number of shares issued will not exceed 65 million shares, and the issue price will not be less than 16.39 yuan. The entire distribution project has five sub-projects, including superconducting flow limiters, GIS, electronic transformers, VW60, and rare metal deep processing projects. The five projects have a total investment of 1.2 billion yuan, and the details of the projects will be disclosed in the second board resolution. Superconducting current limiters solve the problem of excessive short circuit current and can improve grid stability. As an effective short circuit current limiting device, superconducting current limiters can quickly limit short circuit current to an acceptable level when a short circuit fault occurs, thereby preventing large short circuit currents in the power grid from causing major harm to the safe and stable operation of the power grid and electrical equipment, and can greatly improve the stability of the power grid and improve the reliability and safety of power supply. The 35kV/90MVA saturated iron core superconducting current limiter jointly developed by Tianjin Baili Electromechanical Holding Group Co., Ltd. and Beijing Yundian Inna Superconducting Cable Co., Ltd. was successfully connected to the grid at the 220kV Phuket substation in Kunming, Yunnan. This current limiter is currently the superconducting current limiter with the highest on-grid operating voltage level and the largest capacity in the world, and is at the leading international level of similar current limiters. Since superconducting current limiters are rarely used at home and abroad, currently only Bailey Electric has the ability to develop superconducting current limiters. This time, the company will invest 300 million yuan to develop superconducting flow limiters, which, if successfully developed, will bring considerable profits to the company. GIS products can contribute profits in the short term GIS systems have the advantages of easy installation and construction, resistance to harsh environmental conditions, high reliability, and low maintenance volume. They are the preferred products for high pressure entry into cities, hydropower plant construction, and construction of high voltage and ultra-high voltage substations under severe environmental conditions such as dirt, humidity, heat, high altitude, and high cold. With the development of the power industry, the usage and practical weight of GIS systems will further increase. Since GIS products are mature, once the project is completed, it can contribute profits in the short term. Electronic transformers are an important component of smart grids. As the automation and intelligence of power systems continue to advance, electronic current transformers and electronic voltage transformers are becoming important devices for measuring electric energy and obtaining protection and control signals in power systems, and are alternatives to traditional electromagnetic transformers. The company plans to invest 100 million yuan to develop electronic transformers. Electronic transformers are the signal center of smart grids, and the market prospects are broad. High-end low-voltage electrical appliances open up VW60 application space VW60 is a new generation of universal low voltage circuit breaker products. The product has the characteristics of small size, high level of short circuit performance, novel operating mechanism, and high level of fieldbus technology. After entering the market, the VW60 will expand its domestic market share with the characteristics of high technology, high performance and efficiency, while striving to form a larger export market. The rare metal deep processing project is an important part of the company's rare metal strategy. The rare metal deep processing project plans to use the rich reserves of tungsten concentrate in southern Gannan, the resource advantages of high quality, and the advantages of self-produced raw materials such as APT for deep processing and low transportation costs to produce hard alloys that meet market needs. Through the implementation of this project, it will be beneficial for the company to obtain the right to mine Ganzhou tungsten ore. The construction of this project will also promote the formation of a reasonable industrial cluster chain in Ganzhou's rare metal mining industry, and play a more positive role in promoting Ganzhou's economic development and social progress. Since details of the non-public offering will need to be disclosed until the second board resolution, we are temporarily not rating Bailey Electric.