WOTE(SZ:002886) Zheng Quan Zhi Xing·2025-08-01 16:35Core Viewpoint - Shenzhen Water New Materials Co., Ltd. has decided to postpone the expected completion date of its fundraising project for the annual production of 45,000 tons of specialty polymer materials to August 11, 2027, based on the current investment progress and external environmental changes [1][4][6]. Fundraising Overview - The company raised a total of RMB 587,852,395.60 by issuing 36,630,036 shares to specific investors, with all funds now in place [1]. - The company has established a special account for the storage of the raised funds, ensuring that all funds are kept in this account [2]. Project Adjustment Details - Due to the actual net amount raised being less than the initially planned investment amount, the company has adjusted the funding allocation for the projects, with the shortfall to be covered by self-raised funds or other financing methods [2]. - The total investment for the annual production of 45,000 tons of specialty polymer materials project is RMB 136,986.79 million, with the adjusted amount of raised funds now set at RMB 58,785.24 million [2]. Delay Reasons and Impacts - The delay in the project is attributed to a cautious decision based on the actual construction situation and investment progress, without changing the project content, total investment, or implementation entity [5][6]. - The company emphasizes that the delay will not adversely affect its normal operations or shareholder interests, and it will continue to manage and utilize the raised funds efficiently [5][6]. Industry Context and Strategic Importance - The project is crucial for upgrading the domestic specialty polymer materials industry, which currently relies heavily on imports for high-end applications [6][7]. - The implementation of this project is expected to enhance the domestic supply chain's autonomy and stability, meeting the growing demand from emerging industries such as 5G, AI, and new energy vehicles [7][9]. Market and Policy Support - The project aligns with national policies that encourage the development of high-performance materials, indicating a broad market potential [10]. - The company has a strong technical foundation with over 300 patents and established research institutions, which supports the project's successful implementation [10][11]. Customer Base and Demand - The company has established long-term partnerships with various industries, ensuring a steady market demand for its specialty polymer materials [11]. - The postponement of the project is not expected to significantly impact the anticipated returns from the investment [11].