Production Expansion Delays - The company plans to delay the use of net proceeds for expanding the Changchun production base for biodegradable plastic products due to ongoing global economic, financial, and geopolitical complexities, as well as challenges in the Chinese business environment in 2023[1]. - The strategic review in Q4 2023 led to the postponement of plans including the procurement of production machinery and equipment, renovation of the Changchun production facility, and hiring new employees[2]. - The establishment of a new production base in Huizhou has been delayed due to unexpected approval delays from local authorities, with the company now considering an alternative site in Dongguan[3]. - The company confirmed that it will postpone the use of net proceeds originally intended for the Huizhou factory, opting instead to relocate equipment to Dongguan to avoid significant delays[4]. Production Machinery and Trial Production - The company has begun trial production with new machinery and equipment purchased in 2023 at the Changchun production base, although full expansion is not expected to be completed by Q2 2024[2]. Financial Proceeds Utilization - The company anticipates using the unutilized net proceeds for general working capital by the end of 2024[4].
中宝新材(02439) - 2024 - 年度业绩