With the advanced manufacturing industries such as semiconductors and new displays entering a new round of expansion cycle, the demand for funding assurance capabilities in the high-tech clean system integration industry is continuously increasing.

Recently, Both disclosed plans to raise no more than 1.2 billion yuan, mainly to invest in special engineering construction projects in the high-tech industry and to supplement working capital. According to the announcement, the relevant projects have obtained bid notification letters or have signed engineering contracts or orders with general contractors and owners, involving fields such as semiconductors and new displays, covering multiple key industrial areas.

High-tech clean system integration projects have the typical characteristic of "capital preposition." During the project implementation process, companies usually need to complete the procurement of equipment and materials, organize specialized subcontracting, and invest in on-site construction resources in advance, while project payments are generally settled gradually according to engineering milestones, accompanied by a certain period of warranty fund arrangements. The difference in settlement rhythms between upstream and downstream creates a continuous occupation of working capital for large projects during the construction cycle.

In recent years, as the scale of projects in the advanced manufacturing field continues to expand and multi-regional projects are promoted simultaneously, the competitive focus in the high-tech clean system industry is also gradually shifting from the ability to acquire single projects to the comprehensive performance capability of large projects. In this process, funding assurance capabilities, supply chain collaboration capabilities, and cross-regional resource organization capabilities are becoming important foundations for companies to undertake major projects.

At the same time, customer demands are also continuously upgrading. Market focus is gradually shifting from a "project perspective" to a "result perspective"—not only focusing on whether projects can be completed on time but also paying more attention to the stability of operation after production, energy consumption control levels, and efficiency of subsequent operation and maintenance management. This means that industry competition is shifting from a simple bidding race and resource input to competition in system capabilities and delivery certainty.

Market analysis believes that against the backdrop of continuous expansion in the advanced manufacturing industry, large high-tech clean system projects are further concentrating on leading companies with comprehensive performance capabilities. Both's continuous acquisition of relevant project orders reflects the recognition of high-tech industry clients for the company's large project implementation capabilities, full-process delivery capabilities, and cross-regional resource organization capabilities.

At the same time, as the scale of projects undertaken by the company continues to expand and the number of major projects being implemented in parallel continues to increase, higher requirements are also placed on funding assurance capabilities. Once the raised funds are in place, Both's resource assurance capabilities during the project implementation process will be further enhanced, and the funding preposition demand during the construction cycle of large projects will be better matched, further improving the delivery efficiency and comprehensive performance capabilities of major projects.

In recent years, the continuous advancement of production line construction in fields such as semiconductors and new displays, along with the constant updating and iteration of new technologies and processes, has further driven the demand for high-standard clean environment construction. As the industry enters a new round of expansion cycle, companies with large project implementation capabilities, cross-regional resource allocation capabilities, and full-process delivery capabilities are also expected to further enhance their competitive advantages in the industry.

Market analysis believes that Both's current funding layout around special engineering projects in the high-tech industry also reflects the company's active strengthening of major project delivery capabilities by relying on existing large project implementation experience and industry resource accumulation, in order to better seize the market opportunities brought by the continuous upgrading of the advanced manufacturing industry