募资完成四个多月就要更改投资项目？金达威：阿洛酮糖、肌醇行业过度竞争格局已清晰可见

Core Viewpoint - The company plans to change its fundraising project from the "30,000 tons of allulose and 5,000 tons of inositol construction project" to the "10,000 tons of oil project" and the "nutritional health products smart factory project" due to significant changes in supply and demand dynamics in the industry for allulose and inositol products [2][5]. Group 1: Fundraising and Project Changes - The company announced the change in fundraising projects just over four months after completing fundraising of 1.292 billion yuan, with a net amount of 1.281 billion yuan after expenses [4][3]. - Originally, 537 million yuan was planned for the sugar-alcohol project, with 453 million yuan sourced from the fundraising [4][5]. - The company has already invested 40.58 million yuan in the sugar-alcohol project for construction and equipment [4]. Group 2: Industry Dynamics - The company noted that the industry has seen a significant increase in capacity, with allulose production expected to exceed 900,000 tons by the end of 2025, compared to just 10,000 tons in 2022 [5]. - The price of inositol has been declining since Q4 2023, dropping below 40 yuan per kilogram in 2025, indicating a trend of low prices for related products in the future [5][6]. Group 3: New Project Plans - The company plans to invest 257 million yuan in the oil project, using 173 million yuan from the fundraising, which includes funds already allocated to the previous sugar-alcohol project [7]. - The oil project is expected to generate annual revenue of 407 million yuan and a net profit of 56.14 million yuan, with a post-tax internal rate of return of 20.05% [8]. - For the health products factory project, the company plans to invest 362 million yuan, with 280 million yuan coming from the previous sugar-alcohol project funds [9]. - The health products factory is projected to achieve annual revenue of 649 million yuan and a net profit of 96.74 million yuan, with a post-tax internal rate of return of 20.19% [9].