HIRON COLD CHAIN(SH:603187) Zheng Quan Zhi Xing·2025-09-03 16:18Core Viewpoint - Qingdao Hiron Commercial Cold Chain Co., Ltd. plans to change the use of part of the raised funds from its convertible bond issuance to increase investment in a new project in Indonesia, due to slower-than-expected domestic market demand and the need for overseas production capabilities [4][16][21]. Group 1: Meeting Procedures - The shareholders' meeting will be organized by the company's securities affairs department, and attendees must present identification and relevant authorization documents for registration [1][2]. - Shareholders wishing to speak must register 15 minutes before the meeting starts and will be allowed to speak in the order of registration [2][3]. - Voting will be conducted through a combination of on-site and online methods, with each share carrying one vote [3][4]. Group 2: Fundraising and Usage - The company raised a total of RMB 500,127,000 through the issuance of 5,001,270 convertible bonds, with a net amount of RMB 493,735,223.86 after deducting various fees [16][17]. - As of June 30, 2025, the company has used RMB 264,357,515.70 for the original project, with a remaining balance of RMB 269,541,730.46 in the fundraising account [5][17]. Group 3: Project Adjustments - The company plans to withdraw RMB 90 million from the original project for the new Indonesian project, which represents 18.23% of the net amount raised [5][17]. - The original project aimed to generate an annual revenue of RMB 87,964.60 million, but due to market conditions, the completion date has been postponed to December 31, 2025 [6][19]. - The Indonesian project will have an adjusted total investment of RMB 46,700.00 million, with an expected annual revenue of RMB 108,193.70 million and a post-tax internal rate of return of 23.78% [28][29]. Group 4: Strategic Rationale - The decision to invest in the Indonesian project is driven by the need to respond to international trade risks and increasing demand from global customers for stable supply channels [9][22]. - The project will serve as the company's first overseas production base, enhancing its global market strategy and allowing it to supply not only Southeast Asia but also traditional markets like Europe and North America [9][22]. Group 5: Risk Management - The company acknowledges potential risks associated with the Indonesian project, including political instability, market competition, and fluctuating raw material prices, and has outlined measures to mitigate these risks [28][29].