Core Viewpoint - The company, Kexin New Materials, announced a delay in the construction timeline for its 6,000-ton annual production line of silicon carbide composite materials for new energy battery applications, pushing the expected completion date from December 31, 2025, to December 31, 2026 [1] Group 1: Project Details - The total planned investment for the fundraising project is 73.6737 million yuan, with 29.5365 million yuan already invested, representing a progress rate of 40.09% as of November 30, 2025 [1] - The project will not change its implementation entity, fundraising purposes, or investment scale despite the timeline adjustment [1] Group 2: Reasons for Delay - The delay is attributed to several factors: the focus on the construction of the crucible production line, the ongoing market cultivation phase for the crucible, a phased construction strategy to ensure financial safety and investment efficiency, careful selection of process equipment to maintain technological leadership, and the need to validate market acceptance before scaling production [1] Group 3: Risk Management - The management has assessed potential risks associated with the project delay, including market demand fluctuations, technology iteration and product updates, capacity digestion and market competition, and investment returns falling short of expectations [2] - The adopted strategy of delay and phased construction is based on a cautious evaluation of these risks, aiming to minimize investment losses due to market or technological changes and ensure expected returns post-production [2]

Core Viewpoint - Mingguan New Materials (688560) announced on December 3 that it plans to adjust the investment pace and schedule of its fundraising project for the annual production of 200 million square meters of lithium battery aluminum-plastic film to avoid short-term overcapacity and idleness after the project reaches its intended operational status, postponing the completion date to December 31, 2027 [1] Group 1 - The company is responding to industry and actual company conditions by delaying the project timeline [1] - The project "Mingguan Lithium Film Company's annual production of 200 million square meters of aluminum-plastic film construction project" will now reach its intended usable state by December 31, 2027 [1] - During the postponement period, the company will advance the capacity construction of this project in batches based on market order conditions [1]

在白酒行业结构性变革期，金种子酒（600199.SH）募投项目再度按下"延期键"。12月3日，公司公告称，将2019年定增募资投向的"优质 基酒技术改造及配套工程项目"和"营销体系建设项目"再度延期，预计2027年12月31日达到可使用状态。据悉，这已是两大项目自2023年 首次延期后的第二次调整。 值得关注的是，公司优质基酒项目已完成90%投入却仍未达到预定可使用状态，营销体系项目投入则不足五成。与此同时，公司计划缩 减线下网点，加码线上直播。 在白酒企业深耕品牌竞争力的当下，这场预计超8年的募投布局，能否助力金种子酒摆脱亏损、突破区域酒企的增长瓶颈呢？ 5.76亿元募投项目二度延期 金种子酒这场始于2019年的募投项目，正面临持续的落地挑战。 不过，受相应配套工程项目及采购设备因招标、施工、验收等多重因素影响，建设周期较长，部分设备还未达到预定可使用状态，质保 金等部分货款也尚未达到相应的支付节点，因此整体项目进度较计划延期。 与此同时，营销体系建设项目募投资金投入进度不足五成。公司称，近年来，受行业竞争加剧、消费疲软、产品竞争力不强、品牌弱化 等多重因素影响，市场开发缓慢，目前公司新产品还在持续推广期， ...

Core Viewpoint - Nanjing Gaohua Technology Co., Ltd. has announced a postponement of the completion date for its fundraising project, "Gaohua Production Testing Center Construction Project," to December 31, 2026, without changing the project implementation entity, fundraising purpose, or investment scale [1][5]. Fundraising Basic Information - The company raised a total of RMB 1,268.90 million through its initial public offering (IPO) by issuing 33.2 million shares at a price of RMB 38.22 per share, with a net amount of RMB 1,165.53 million after deducting issuance costs [1][2]. Fundraising Usage Status - As of October 31, 2025, the company has provided an update on the usage of the funds raised from the IPO [2]. Reasons for Project Postponement - The postponement is due to several factors: 1. The phase completion acceptance process took longer than expected, with the main structure completed in July 2025, followed by various regulatory inspections [2][3]. 2. Subsequent construction work, including fine decoration and equipment installation, requires further development, with a projected timeline from December 2025 to December 2026 [3]. 3. Compliance procedures are necessary to ensure the project's long-term safety and stability, adhering to industry regulations and internal quality control standards [4]. Impact of Postponement on the Company - The decision to postpone the project is based on the actual progress and is deemed prudent, with no changes to the project implementation entity, fundraising purpose, or investment scale, ensuring no adverse effects on the company's operations [4][5]. Review Procedures and Opinions - The board of directors approved the postponement during a meeting on November 28, 2025, confirming that the decision aligns with the current project progress and adheres to regulatory requirements [5][6].

Core Viewpoint - Suqian Liansheng (603065.SH) announced a delay in the completion of its new materials project due to changes in market conditions and slowed construction progress, pushing the expected operational date from December 2025 to December 2026 [1] Group 1: Project Details - The project aims to produce 12,000 tons of light stabilizers, 5,000 tons of anti-precipitation agents, and 15,000 tons of dimethyl sebacate [1] - As of September 30, 2025, the project has utilized 348.48 million yuan of raised funds, accounting for 74.68% of the planned total investment [1] Group 2: Market Conditions - The primary reason for the delay is the low market price of light stabilizer 770, coupled with the company's annual capacity utilization rate for hindered amine light stabilizers being only 57.35% [1] - The current market environment makes it difficult to achieve the expected economic benefits from the second-phase project, which includes dimethyl sebacate as a key intermediate for light stabilizer 770 [1] Group 3: Historical Context - The project was previously delayed in 2023 due to construction issues stemming from macroeconomic conditions and was further postponed in 2024 due to the downturn in the chemical industry [1]

Core Viewpoint - The company has decided to postpone the completion date of its fundraising project from December 2025 to December 2026 due to market conditions and project implementation status, while maintaining the investment amount and purpose unchanged [1][4][7]. Fundraising Basic Information - The company raised a total of RMB 538.415 million through its initial public offering, with a net amount of RMB 466.627 million after deducting issuance costs [1]. - The funds have been fully received and are stored in a dedicated account as per regulatory requirements [1]. Fundraising Project and Usage - As of September 30, 2025, the company has made progress on its fundraising projects, with the first phase nearly completed and operational, while the second phase is still under construction [2][4]. - The first phase involves the production of light stabilizers and intermediates, while the second phase focuses on producing the main intermediate, dimethyl sebacate [4]. Reasons for Postponement - The postponement is attributed to various factors, including macroeconomic conditions, supply chain disruptions, and intensified market competition, which have delayed project progress [2][3][4]. - The company has previously postponed the project completion date due to similar reasons, with the latest adjustment being the third postponement [10]. Measures to Ensure Completion - The company plans to closely monitor market conditions and raw material prices, enhance project management, and ensure effective use of funds to meet the new timeline [6][7]. Impact on Company Operations - The postponement is not expected to materially affect the project's implementation or the company's normal operations, aligning with long-term development goals and shareholder interests [7][10]. Approval Process - The board of directors approved the postponement during a meeting on November 19, 2025, and the decision does not require shareholder approval [8][18].

Core Viewpoint - The company, Guangdong Siquan New Materials Co., Ltd., has announced a delay in the completion of two major projects, extending their expected operational status from October 18, 2025, to October 18, 2026, while overall fundraising utilization has reached 90.82% [1][2]. Group 1: Project Delay and Fund Utilization - The two delayed projects are the "High-Performance Thermal Conductive Products Construction Project (Phase I)" and the "New Materials R&D Center Construction Project," with a total planned investment of 472.98 million yuan [2]. - As of September 30, 2025, the actual funds used amount to 429.56 million yuan, representing 90.82% of the total planned investment [2]. - The "High-Performance Thermal Conductive Products Construction Project" has a planned investment of 269.98 million yuan, with 254.06 million yuan already invested, achieving a utilization rate of 94.10% [2]. - The "New Materials R&D Center Construction Project" has a planned investment of 82 million yuan, with 54.51 million yuan invested, resulting in a utilization rate of 66.47% [2]. Group 2: Reasons for Delay - The delay is attributed to two main factors: the need to adjust the introduction of remaining equipment for the "High-Performance Thermal Conductive Products Construction Project" based on downstream customer demands, and the rapid development of the new materials industry requiring targeted adjustments in the R&D project [2][3]. - The company has confirmed that the delay only affects project timelines and does not change the project implementation entities, investment purposes, or scales [3]. Group 3: Asset Utilization and Future Plans - The company has rented out some temporarily idle properties, with a total rental area of 31,607.79 square meters, accounting for 44.64% of the total construction area of 70,807.16 square meters [4]. - The rental properties include office buildings, factories, and supporting facilities, aimed at improving asset utilization and avoiding idleness [4]. - The company emphasizes that the construction progress of production lines is clear, with a year-on-year revenue growth of 57.93% from January to September 2025, and a capacity utilization rate of 94.85% for artificial synthetic graphite thermal films [5].

Core Viewpoint - The company has decided to postpone the timeline for the completion of its fundraising projects to December 2027, based on a comprehensive assessment of its operational needs and external environment changes [1] Group 1: Project Details - The company will adjust the timeline for the "Information Technology Construction Project" and the "Chinese Herbal Medicine Slice Production Capacity Expansion Project" to be operational by December 2027 [1] - The decision to delay does not alter the content, total investment, implementation entity, or location of the fundraising projects [1] Group 2: Impact Assessment - The postponement is a prudent decision made in consideration of the company's actual operational situation and investment planning [1] - The delay is not expected to have a significant adverse impact on the implementation of the fundraising projects or the company's normal operations [1]

Core Viewpoint - The company announced that it has raised a net amount of 466.6271 million yuan from its initial public offering, with a significant portion of the funds allocated to investment projects, but is facing delays in project timelines due to market conditions [1] Group 1: Fundraising and Investment - The actual net amount raised from the initial public offering is 466.6271 million yuan [1] - As of September 30, 2025, the cumulative investment in projects is 348.4799 million yuan, representing an investment ratio of 74.68% [1] Group 2: Project Delays - The timeline for the project "annual production of 12,000 tons of light stabilizers, 5,000 tons of anti-polymerization agents, and 15,000 tons of dimethyl sebacate series new materials" has been postponed from December 2025 to December 2026 [1] - This marks the third delay for the project, which has been approved by the board of directors and has received no objections from the sponsoring institution [1] - The company has highlighted risks associated with the project's progress not meeting expectations due to intense market competition, low product prices, and underutilization of capacity [1]

Core Viewpoint - Zhejiang Titan Co., Ltd. has approved a proposal to extend the deadline for the "Hangzhou R&D Center Construction Project" to May 2026 during its board meeting held on November 19, 2025 [1]. Group 1: Board Meeting and Decision - The board meeting was convened on November 19, 2025, with all 9 directors present, and was chaired by Chairman Chen Yourong [2]. - The proposal for the extension of the fundraising project was unanimously approved with 9 votes in favor, 0 against, and 0 abstentions [2]. - The extension is based on the actual progress of the fundraising project, indicating a necessary adjustment [2]. Group 2: Documentation and Disclosure - The decision from the board meeting will be documented in the "Resolution of the 15th Meeting of the 10th Board" and is available for investors to review through various financial news outlets and the official website [3].