CNNC TD(SZ:002145) 鑫椤锂电·2025-06-04 08:01Core Viewpoint - The company, Zhongke Titanium White, announced the termination of its non-public stock issuance projects related to water-soluble ammonium phosphate and the annual production of 500,000 tons of iron phosphate due to significant changes in market supply and demand, leading to a decision to permanently supplement working capital with the remaining raised funds of 1.666 billion yuan [1][3]. Group 1: Project Termination - The water-soluble ammonium phosphate project had an original investment commitment of 786 million yuan, adjusted to 586 million yuan, with a cumulative investment of 232 million yuan and a remaining balance of 373 million yuan [3][4]. - The iron phosphate project had an original investment commitment of 3.385 billion yuan, adjusted to 2.524 billion yuan, with a cumulative investment of 1.309 billion yuan and a remaining balance of 1.293 billion yuan [4]. Group 2: Market Conditions - The demand growth for the aforementioned products has slowed down significantly, and the supply of key raw materials has been tight due to large-scale expansions in downstream industries and local sales policies, resulting in a substantial increase in sales prices [3][4]. - The overall profitability of the industry has fallen below expectations, impacting the feasibility of the projects [3].