Refond(SZ:300241) Xin Lang Cai Jing·2025-10-29 13:50Core Viewpoint - Shenzhen Ruifeng Optoelectronics Co., Ltd. has decided to extend the implementation deadlines for its Mini LED backlight packaging production project and Micro LED technology R&D center project to December 31, 2026, due to industry dynamics and strategic planning considerations [1][3]. Fundraising Status and Usage - Ruifeng Optoelectronics raised a net amount of 689 million CNY through a targeted stock issuance in 2021. As of September 30, 2025, the actual use and balance of the raised funds are as follows: total funds received 690.89 million CNY, amount invested in projects 206.35 million CNY, and balance in the special fund account 10.49 million CNY [2]. Project Delay Details and Core Reasons - The delay affects two fundraising projects, with both projects' expected operational dates pushed from December 31, 2025, to December 31, 2026. The core reasons for the delay include rapid technological iterations and dynamic market demands in the Mini/Micro LED industry, necessitating a cautious approach to investment and capacity expansion [3]. Re-evaluation of Projects: Necessity and Feasibility - The company has re-evaluated the delayed projects, highlighting their significant advantages in market prospects, policy support, and technological reserves. The Mini LED backlight module market is expected to reach 125 billion CNY in China by 2026, while the global Micro LED market may exceed 10 billion USD by 2027 [4]. Policy and Technical Support - Various policies from Guangdong Province, Shenzhen City, and national departments support the R&D and application of new display technologies like Mini/Micro LED. The company has been investing in Mini LED R&D since 2016 and has established a leading position with 345 effective patents [5]. Impact on the Company and Sponsor's Opinion - The company emphasizes that the project delay only adjusts the timeline without changing the project entities, fund usage, or total investment, ensuring no harm to shareholder interests. The sponsor, Ping An Securities, has confirmed that the necessary decision-making procedures were followed and has no objections to the delay [6].