双良节能：拟定增募资近13亿元近三成用于补流 前次募投项目未达预期

Core Viewpoint - The company, Shuangliang Energy (600481.SH), plans to raise up to 1.292 billion yuan through a private placement to specific investors, primarily for the construction of a zero-carbon intelligent manufacturing plant and other projects, despite facing challenges with previous fundraising efforts and project profitability [1] Fundraising Plan - The company intends to raise funds from no more than 35 specific investors, with a total amount not exceeding 1.292 billion yuan [1] - The allocation of the raised funds includes 493 million yuan for the zero-carbon intelligent manufacturing plant, 200 million yuan for the annual production of 700 sets of green electricity intelligent hydrogen production equipment, 213 million yuan for R&D projects, and 385 million yuan for working capital, which constitutes 29.8% of the total raised amount [1] Financial Health - The company's asset-liability ratio has increased since 2022, with ratios of 68.49% in 2022, 76.45% in 2023, 82.77% in 2024, and 81.91% as of September 30, 2025 [1] Previous Fundraising Performance - A previous fundraising effort through convertible bonds for the "40GW Monocrystalline Silicon Phase II Project (20GW)" reached its intended usable state by March 2023, but as of September 30, 2025, the project has not met profitability expectations, incurring a loss of 154 million yuan from January to September 2025 [1] - The company attributes the underperformance to fluctuations in the supply and demand dynamics of the photovoltaic industry, particularly the decline in prices of silicon materials and wafers since the end of 2022, which has compressed project revenue and profit margins [1]