Core Viewpoint - The company plans to reduce the investment scale and adjust the construction period of the Xianghe Project due to changes in market demand and its own business strategy, aiming to optimize resource allocation and enhance operational efficiency [1][5][6] Fundraising Overview - The company raised a total of RMB 4,999,999,910.00 through a non-public offering of 261,780,100 shares at RMB 19.10 per share, with actual funds received after fees amounting to RMB 4,972,899,910.31 [1] Fund Management - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulations and protecting investor interests [2] Project Investment Scale and Timeline Adjustment - The total investment scale of the Xianghe Project is reduced from RMB 750,516 million to RMB 527,181.46 million, while the construction period is extended from 52 months to 64 months [3][4] Reasons for Investment Scale Reduction - The decision to reduce the investment scale is influenced by a significant change in the electronic industry market, with a focus on high-end markets such as automotive electronics and industrial control, while slowing down the production of small-sized MLCCs [3][4][5] Impact on the Company - The adjustments are expected to enhance management efficiency and resource allocation without adversely affecting the company's normal operations or shareholder interests [5][6] Review Procedures - The board of directors and the supervisory board have approved the proposal to reduce the investment scale and adjust the construction period, which will be submitted for shareholder approval [6]

Core Viewpoint - The antimony smelting industry in China is undergoing significant structural adjustments, with a focus on resource security, high-end transformation, and green production, driven by stringent environmental regulations and resource constraints [1][20]. Group 1: Antimony Smelting Industry Overview - Antimony smelting involves extracting metallic antimony from antimony ores or products, aiming to obtain high-purity antimony (≥99%) or antimony compounds [2][4]. - The industry has established a complete supply chain from resource exploration and mining to smelting and diverse applications, with a high concentration in the midstream smelting segment [6][20]. Group 2: Industry Policies - Antimony is recognized as a strategic mineral resource by major economies, including the US, EU, and China, leading to a progressive and systematic policy framework in China [4][5]. - New export control policies will be implemented in 2024, and antimony will be included in the national security reserve system by 2025, marking a new phase in resource security [4][20]. Group 3: Current Industry Status - The antimony smelting industry is experiencing a deep structural adjustment, with an overall operating rate dropping to historical lows of 30-40% in 2024, and nearly 60% of enterprises ceasing operations [14][20]. - Antimony ingot and oxide production have been declining, with 2024 figures showing a decrease of 8.09% and 6.50% respectively compared to the previous year [14][16]. Group 4: Market Dynamics - Global antimony prices have surged dramatically, with a 234.8% increase in 2024, driven by supply-demand imbalances and increased demand from the photovoltaic sector [12][20]. - The import dependency of China's antimony industry is rising, with significant increases in imports of antimony ores and concentrates [10][20]. Group 5: Competitive Landscape - The industry is characterized by a "three strong" competitive structure, with leading companies like Hunan Gold, Huayu Mining, and Huaxi Nonferrous Metals dominating the market [18][20]. - Hunan Gold is expected to produce 1.8 million tons of antimony in 2025, accounting for 21.7% of global production [18][20]. Group 6: Future Development Trends - The industry is shifting towards resource security and high-end applications, with a focus on overseas mining rights and recycling of antimony [20][22]. - Demand from the photovoltaic sector is projected to drive significant growth, with expectations that high-end manufacturing will account for over 60% of industry demand by 2025 [22][23].