1月9日 ST帕瓦公布， 第四届董事会第四次会议，审议通过了《关于终止部分募投项目的议案》，同意公司根据实际情况终止首次公开发行股 票募集资金投资项目（简称"募投项目"）"年产1.5万吨三元前驱体项目"，并将剩余募集资金继续存放公司募集资金专用账户管理。 董事会认为，本次终止系公司根据行业发展及业务实际情况做出的审慎决策，旨在优化资源配置、符合公司未来战略要求，且不会对公司正常经 营产生重大不利影响，也不存在损害股东利益的情形；该募投项目原计划投资 4.7亿元 ，建设周期24个月，后于2024年延期至2026年8月达 到预定可使用状态，但截至2025年11月30日仅投入募集资金 1.9亿元 ，剩余募集资金约 3亿元 （含临时补充流动资金部分）。 | 往 | 期 回 | 顾 | | | --- | --- | --- | --- | | 01 | ｜ | | 暴增350%！楚能新能源全年出货量超90GWh！ | | 02 | ｜ | | 央视聚焦！博力威智造美学 + 硬核安全，亮相东莞制造高光时刻 | | 03 | ｜ | | 4GWh储能电池项目落地河北石家庄 | | 04 | ｜ | | 2026（第二届） ...

Core Viewpoint - The decision by Jiuquan Technology to terminate the "Lingang R&D Center Construction Project" highlights concerns regarding the efficiency of fundraising projects in the semiconductor industry, particularly in the context of changing market demands and internal strategic shifts [1][2][5]. Group 1: Project Termination Reasons - The termination of the project is attributed to three main factors: external changes leading to cost overruns, a lack of demand for new office space, and the existing R&D team's capabilities being sufficient to support ongoing projects without additional investment [2]. - As of September 30, 2025, only 6.66% of the planned investment had been utilized, with 87.24 million yuan remaining idle, indicating a need for improved capital efficiency [2]. Group 2: Financial Pressure - Jiuquan Technology reported a total revenue of 408 million yuan for the first three quarters of 2025, a year-on-year decline of 9.17%, with net profit dropping by 37.71% to 44.54 million yuan [3]. - The company experienced a significant cash flow issue, with operating cash flow at -102 million yuan, a decrease of 219.30% year-on-year, and accounts receivable increasing by 54.93%, indicating potential collection risks [3]. Group 3: Strategic Adjustments - Despite the project termination, Jiuquan Technology is pursuing new capital operations, including a 150 million yuan investment in an industrial fund focused on the semiconductor and integrated circuit sectors [4]. - The company emphasizes that the termination aligns with regulatory guidelines and aims to optimize resource allocation in line with future strategic goals [4]. Group 4: Market Implications - The case of Jiuquan Technology serves as a warning for the semiconductor industry, where many fundraising projects may suffer from misalignment with actual market needs, leading to inefficiencies [5]. - Investors are advised to focus on the feasibility of fundraising projects, progress management, and synergies with core business operations rather than solely relying on financial metrics [5].