Sunshine Circuits(SZ:300739) Ju Chao Zi Xun·2025-07-04 15:03Core Viewpoint - The company has decided to postpone the expected usable status date for its projects related to the issuance of convertible bonds to July 6, 2027, due to the current macroeconomic environment and market changes [2][3]. Group 1: Project Adjustments - The company completed the issuance of convertible bonds on July 7, 2023, raising a total of 448.5 million RMB, with a net amount of 439.8784 million RMB after deducting issuance costs [2]. - The usage progress of the funds for the "Annual Production of 120,000 Square Meters of New Energy Vehicle PCB Special Line Construction Project" was only 6.29% as of June 30, 2025, while the "Headquarters Operation Center Construction Project" had a usage progress of 61.08% [2]. - The decision to delay the projects is aimed at ensuring the rational and effective use of raised funds and to guarantee steady project advancement [2][4]. Group 2: Market Context and Strategic Fit - The necessity and feasibility of the "Annual Production of 120,000 Square Meters of New Energy Vehicle PCB Special Line Construction Project" have been reaffirmed, aligning with the company's overall strategic development plan [3]. - The new energy vehicle market in China is experiencing rapid growth, with production and sales expected to reach 12.888 million and 12.866 million units in 2024, reflecting year-on-year growth of 34.4% and 35.5% respectively [3]. - The company possesses strong technical and R&D capabilities, a good brand image, stable customer resources, and a comprehensive production management system, which provide solid support for the successful implementation of the projects [3].