Conglin Technology(SH:688370) Shang Hai Zheng Quan Bao·2026-01-30 20:59Core Viewpoint - The company announced a delay in the completion of a fundraising project, extending the timeline for the "Shanghai Lingang Industrial Waste Resource Utilization and Disposal Demonstration Base Remanufacturing Capacity Upgrade Project" to February 2028, without changing the project's implementation subject, method, or funding usage [1][3]. Fundraising Situation - The company raised a total of RMB 1,589,985,615.60 by issuing 26,606,185 shares at RMB 59.76 per share, with a net amount of RMB 1,436,889,567.35 after deducting fees [1][2]. - The funds were verified by Zhonghui Accounting Firm and deposited into the company's designated account [1]. Project Delay Overview and Reasons - The project has reached a progress of 21.21% as of December 31, 2025, and has received environmental assessment approval [3]. - The delay is attributed to uncontrollable factors and market conditions affecting the hazardous waste industry, necessitating an extension to better align with customer needs and enhance project efficiency [3][4]. Measures to Ensure Timely Completion - The company will adhere to regulatory guidelines and strengthen the planning and supervision of fundraising usage to ensure compliance and effectiveness [4]. - It will actively monitor project progress and coordinate resources to facilitate timely completion [4]. Impact of the Delay on the Company - The delay is a cautious decision based on actual project conditions and does not alter the investment content or total amount, thus not significantly impacting the company's normal operations or long-term development plans [4][5]. Performance Forecast - The company anticipates a net profit of RMB 17 million to RMB 24 million for 2025, representing a decrease of RMB 66.02 million to RMB 73.02 million, or a decline of 73.34% to 81.12% year-on-year [11][13]. - The expected net profit after excluding non-recurring gains and losses is projected to be between -RMB 12 million and -RMB 6 million, indicating a decrease of 111.06% to 122.13% compared to the previous year [11][13]. Industry Context - The hazardous waste treatment industry is undergoing a significant transformation, shifting from "incremental expansion" to "stock optimization," leading to oversupply and declining treatment prices, which adversely affects revenue and profit margins [13].