Core Viewpoint - The company announced the establishment of a wholly-owned subsidiary, Canghai New Energy, to invest in a project for producing 50,000 tons of high-performance battery materials annually, with a total investment of 1.525 billion yuan [1] Group 1 - The board meeting is scheduled for November 18, 2025, to approve the establishment of the subsidiary [1] - The project is expected to be funded through a combination of the company's own funds and loans, with the company planning to invest 600 million yuan to set up Canghai New Energy [1] - The construction period for the project is from November 2025 to December 2029 [1] Group 2 - The project is not expected to have a significant impact on the company's financial and operational results in the short term [1] - There are potential risks associated with the project, including the possibility of progress or benefits not meeting expectations [1]

Group 1 - The company held its 13th meeting of the 6th Board of Directors on October 15, 2025, with all 9 directors present, complying with relevant regulations [2][3]. - The board approved the proposal to sign a "Special Investment Agreement" and the proposal for external investment and establishment of a joint venture company, with unanimous votes [3][4]. - The company plans to invest 18 million yuan in Suzhou First Element Nano Technology Co., Ltd. through convertible debt, aiming to eventually acquire equity [9][12]. Group 2 - The joint venture company, tentatively named Carbon Nest Technology (Tengzhou) Co., Ltd., will have a registered capital of 100 million yuan, with the company contributing 30% [8][14]. - The investment structure includes the company holding a 30% stake, while Suzhou First Element will hold 40%, and two individuals will each hold 15% [15][16]. - The investment aims to enhance the production capacity of CNTP (nano carbon fiber) and ensure raw material supply for the joint venture [12][33]. Group 3 - The investment agreement stipulates that the company will provide 18 million yuan as a convertible debt, with a 5% annual interest rate, and the debt will convert to equity upon the completion of the next round of financing [20][22]. - The conversion conditions include a valuation cap of 800 million yuan and a minimum investment of 20 million yuan from other investors [24][25]. - The agreement includes provisions for default and dispute resolution, with penalties for non-compliance [29][30]. Group 4 - The investment is part of the company's strategy to upgrade its fine chemical business and create a platform for high-value new material products, aligning with long-term planning [33]. - The investment is not expected to have a significant adverse impact on the company's finances and is anticipated to positively influence overall scale and profitability [33].