Dowstone(SZ:300409) Zheng Quan Zhi Xing·2025-08-12 13:14Core Viewpoint - The company has decided to re-evaluate and temporarily suspend the implementation of its "Annual Production of 100,000 Tons of Ternary Precursor Project" and "Daoshi New Energy Recycling Research Institute Project" due to changes in market conditions and strategic focus [1][5][6]. Fundraising Basic Situation - The company issued 26,000,000 convertible bonds on April 7, 2023, raising a total of RMB 2.6 billion, with a net amount of RMB 2.6 billion after deducting issuance costs [1][2]. Fundraising Investment Project Situation - As of June 30, 2025, the total committed investment for the ternary precursor project is RMB 2,579.22 million, with an investment of RMB 1,104 million, indicating no progress [2][4]. Reasons for Re-evaluation and Suspension - The ternary precursor project was initially planned to use RMB 1,706.25 million, with only 18.67% of the investment made by June 30, 2025. The project will be implemented in phases due to market changes, with 30,000 tons expected to be completed by May 2024 and the remaining capacity in 2025 [2][5]. - The recycling research institute project plans to use RMB 99.20 million, but no funds have been invested as of June 30, 2025. The expected completion date has been postponed to December 31, 2025 [2][6]. Impact on Company Operations - The decision to suspend the projects is based on a careful assessment of the actual implementation situation and market conditions, and it will not have a significant adverse impact on the company's current operations [7]. - The suspension is expected to optimize resource allocation and better meet the company's strategic funding needs for long-term healthy development [7]. Review Procedures and Opinions - The board of directors and the supervisory board approved the re-evaluation and suspension of the projects on August 12, 2025, confirming that the decision aligns with regulatory requirements and does not harm shareholder interests [8].