4年前画的“智能玻璃”大饼还在烤？投资进度仅1.85%，秀强股份相关募投项目二度延期

Core Viewpoint - The company, Xiugang Co., Ltd., has announced a delay in the completion of its two major projects related to smart glass production and BIPV components, extending the expected completion date from December 31, 2025, to June 30, 2027, due to slow progress and market conditions [1][2][3]. Project Progress - The two projects, originally scheduled for completion by January 10, 2025, have now been delayed for the second time [2]. - As of the end of 2023, the company has utilized a total of 1.04 billion yuan of the raised funds, all of which has been allocated to supplementing working capital, achieving an investment progress of 57.93% [2]. - By September 30, 2025, the investment progress for the smart glass project was only 1.85%, with a total investment of approximately 9.19 million yuan, while the BIPV project had an investment progress of 15.04%, totaling approximately 37.30 million yuan [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 840 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 132 million yuan, up 9.01% [6]. - For the first three quarters of 2025, the total revenue reached 1.237 billion yuan, reflecting a year-on-year growth of 9.19%, while the net profit attributable to shareholders decreased by 5.90% to 171 million yuan [6]. Market Conditions - The delay in project completion is attributed to market order issues, with significant price reductions from customers and relatively high investment costs [4]. - The company has adopted a cautious approach to project implementation to mitigate risks associated with new capacity and market demand fluctuations [3].