Dowstone(SZ:300409) Zheng Quan Zhi Xing·2025-08-12 13:13Core Viewpoint - The company has decided to re-evaluate and temporarily suspend the implementation of its fundraising investment projects due to significant changes in the market environment and industry dynamics, particularly in the new energy sector [1][6][9] Fundraising Basic Situation - The company issued 26 million convertible bonds on April 7, 2023, raising a total of RMB 2.6 billion, which was received on April 13, 2023 [1][2] Fundraising Investment Project Status - The company has allocated funds for the annual production of 100,000 tons of ternary precursors, with an investment of RMB 2.579 billion, of which RMB 1.104 billion has been utilized, representing a progress rate of 42.80% as of June 30, 2025 [2][3] Reasons for Re-evaluation and Suspension - The ternary precursor project was initially planned to use RMB 1.706 billion, but only 18.67% has been invested as of June 30, 2025. The project will now be implemented in phases due to market changes, with 30,000 tons expected to be completed by May 2024 and the remaining capacity by December 31, 2025 [3][4] - The recycling research institute project, planned for an investment of RMB 99.2 million, has not yet utilized any funds, and its expected completion date has been postponed to December 31, 2025 [4][5] Market Environment Changes - The domestic electric vehicle market is experiencing a slowdown, and international markets are affected by political factors, leading to increased competition and uncertainty in the ternary precursor industry. The company believes that the current market conditions are not optimal for further investment in the remaining capacity of the ternary precursor project [6][7] Strategic Focus Shift - The company is shifting its strategic focus towards solid-state battery materials technology, prioritizing research and development in materials needed for solid-state batteries, while temporarily suspending the recycling research institute project [7][8] Future Arrangements - The company will assess market demand, project necessity, and expected returns to determine whether to continue with the ternary precursor and recycling research institute projects. If these projects are ultimately deemed unviable, the company will seek new investment projects aligned with its strategic goals [7][8] Impact on Operations - The temporary suspension of these fundraising investment projects is not expected to have a significant adverse impact on the company's current operations. In the long term, this decision is seen as beneficial for optimizing resource allocation and supporting the company's strategic development [8][9]