With the continuous development of China's capital market, more and more enterprises are determined to raise funds through the capital market to continuously expand their business. The feasibility study report on the fundraising investment project for three-phase relay protection testing instruments is a written report that assists enterprises planning to go public in completing the filing and approval of fundraising investment projects before IPO, and in coordinating with securities firms to provide necessary support for the company's prospectus. The design of the fundraising investment project should combine the market segment report and the enterprise's own characteristics, reasonably predict the project's prospects and profitability, accurately describe the logical relationship with the company's core competitive advantages and sustained profitability, and demonstrate its feasibility, necessity, and controllability, fully aligning with the CSRC's review thinking to ensure approval. The use of raised funds, including the necessity of financing, whether the raised funds have a clear direction of use, whether the fundraising investment project has a clear profit prospect, whether the preparation for the use of over-raised funds is sufficient, and whether there will be blind expansion, etc. Among the companies rejected for ChiNext IPO, nearly half had issues with the use of raised funds, showing that fundraising investment projects are a critical part of the CSRC review stage. However, the road to listing has never been smooth, and many enterprises have failed on the path to listing. Statistics show that from 2007 to 2011, the CSRC reviewed 1,226 companies for initial public offerings, of which 228 were rejected, with a rejection rate of 18.6%, making strict review the norm. Many enterprises have broken through their previous understanding of main business in the design of fundraising investment projects. For example, one enterprise leveraged its ChiNext listing to extend from subway business to high-speed railway, another extended from building intelligent services to building energy-saving services, and another transformed from vaccine marketing to independent vaccine R&D and production.Many enterprises have also made significant breakthroughs in the proportion of raised funds invested in R&D centers. For instance, an IT enterprise's R&D center investment accounted for about 50% of the total raised funds, and a biopharmaceutical enterprise's R&D center investment accounted for over 40% of the total fundraising investment. In fact, in certain fields, R&D capability equals sustained profitability.The rationality of fundraising investment projects has always been a focus of the CSRC's attention.The feasibility study of fundraising investment projects must start from the overall system, analyzing and demonstrating various aspects such as technology, economy, finance, business, environmental protection, and law to determine whether the construction project is feasible, providing a scientific basis for correct investment decisions. The feasibility study of a project is a continuous analysis and research of a multi-factor, multi-objective system, which requires the cooperation of professionals with knowledge in various fields. It should fully consider the CSRC's requirements for the use of raised funds, market prospects, product technology content, environmental impact, and the match with the company's existing actual management capabilities and sales capabilities. A reasonable feasibility study of fundraising investment projects is the key to passing the review.Huajing Zongheng has a very solid research foundation in fundraising investment feasibility studies and can provide clients with high-quality services: 15.10 The necessity and rationality of significantly increasing fixed assets, intangible assets, and R&D expenses (key point)