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恒光股份IPO募投项目再度延期 上市近四年整体投资进度60%

Core Viewpoint - The company, Hengguang Co., Ltd., is experiencing a slowdown in the construction progress of its fundraising projects due to the low industry prosperity cycle, leading to a delay in the completion of its 55,000-ton fine chemical new materials production line project from June 30, 2025, to December 31, 2026 [1] Group 1: Project Updates - The 55,000-ton fine chemical new materials production line project includes two sub-projects: a 5,000-ton 2-ethyl anthraquinone production line and a 50,000-ton sodium chlorite production line [2] - The company has completed the technical optimization of the 5,000-ton 2-ethyl anthraquinone production line, but achieving full production will take additional time [2] - Due to the complex market environment and macroeconomic conditions, the company has decided to suspend the investment in the 50,000-ton sodium chlorite production line [2] Group 2: Financial Performance - Since its IPO, Hengguang Co., Ltd. has invested a total of 3.43 billion yuan in its fundraising projects, with an overall investment progress of 60.57% as of May 2025 [1] - The company reported revenues of 933 million yuan, 1.08 billion yuan, 936 million yuan, and 1.235 billion yuan from 2021 to 2024, with net profits of 242 million yuan, 202 million yuan, -37.55 million yuan, and -60.93 million yuan respectively [2] - The company has incurred losses for two consecutive years in 2023 and 2024, totaling approximately 98.48 million yuan [2] Group 3: Reasons for Losses - The company attributes its losses in 2024 to four main factors: low product gross margins, high fixed costs due to increased production capacity, rising energy prices post-market reform, and asset impairment provisions [3] - The gross margin for the company's main business was 8.05% in 2024, a decrease of 1.58 percentage points year-on-year [3] - The gross margins for the chlor-alkali and sulfur chemical product chains were 9.69% and 3.02%, reflecting changes of 3.13 and -12.93 percentage points respectively [3]