Sanmei(SH:603379) Zheng Quan Zhi Xing·2025-06-23 16:31Investment Project Overview - The company plans to invest approximately 1.072 billion RMB in a project to construct a 62,000 tons/year electrolyte and its supporting facilities through its wholly-owned subsidiary, Fujian Dongying [1] - The project aims to enhance the company's ability to withstand cyclical fluctuations, cultivate new performance growth points, and improve self-supply capacity of raw materials to reduce production costs [1] Project Progress and Delay Reasons - The project has not yet commenced substantial construction, and the completion deadline has been postponed to June 2027 due to changes in market demand and supply structure, as well as limited profitability in the lithium hexafluorophosphate industry [2] - The company is closely monitoring the production progress of its existing projects, which affects the construction pace of the new project [2] - The decision to delay is based on prudent investment considerations and the need to align fixed asset investments with production demands [2] Board Approval and Compliance - The board of directors approved the extension of the project completion deadline with a unanimous vote, and the matter does not require shareholder meeting approval as it does not constitute a related party transaction or a major asset restructuring [3] Impact of Project Delay - The delay is a cautious decision aligned with industry conditions and company strategy, and it is not expected to have a significant adverse impact on the company's financial status or operational results [3] Risk Analysis - The project faces potential risks related to regulatory approvals, market fluctuations, and technological uncertainties, which could lead to further delays or adjustments in the construction plan [4] - Environmental compliance costs may increase due to stricter regulations, potentially affecting the project's profitability [4]