Core Viewpoint - Montai High-tech (300876) has received local state-owned capital support to advance its carbon fiber project, which is crucial for the company's new business and profit growth [1][2]. Group 1: Investment and Financial Details - Guangdong Nata, a subsidiary of Montai High-tech, plans to raise 44 million yuan through equity expansion by introducing Guangdong Provincial Yuecai Industrial Technology Equity Investment Fund, which will hold 12.09% of Guangdong Nata post-investment [1][3]. - The pre-investment valuation of Guangdong Nata is set at 320 million yuan, with the registered capital increasing from 320 million yuan to 364 million yuan after the investment [3][4]. - As of September 2025, Guangdong Nata has total assets of 505 million yuan and total liabilities of 240 million yuan, with no revenue reported for 2024 and the first nine months of 2025 [4]. Group 2: Project Development and Performance - Montai High-tech is advancing a project to produce 10,000 tons of carbon fiber and 60,000 tons of differentiated acrylic fiber, with a total investment of 4.794 billion yuan planned [6][7]. - The project has seen a 25.39% investment progress, with 420 million yuan invested as of June 2025 [7]. - Despite the ongoing project, Montai High-tech reported a revenue of 380 million yuan for the first three quarters of 2025, a 10.93% increase year-on-year, but a net loss of 51.134 million yuan, a 73.25% decline compared to the previous year [1][5][8]. Group 3: Future Commitments and Risks - Performance commitments have been established, requiring Guangdong Nata to achieve audited revenues of at least 62.4 million yuan in 2027, increasing annually, and a net profit of no less than 8 million yuan in 2031 or 2032 [4]. - If these targets are not met, the investment fund has the right to require Montai High-tech to repurchase its shares in Guangdong Nata [4].

Core Viewpoint - Montai High-tech (300876) announced a capital increase and share expansion for its subsidiary, Guangdong Nata Functional Fiber Co., Ltd., to introduce Guangdong Provincial Yuecai Industrial Technology Equity Investment Fund, which will invest 44 million yuan for a 12.09% stake [1] Group 1: Investment and Financial Details - The registered capital of Guangdong Nata will increase from 320 million yuan to 364 million yuan after the investment [1] - Shanghai Nata New Materials Technology Co., Ltd. will see its shareholding in Guangdong Nata diluted from 100% to 87.91% [1] - Montai High-tech reported a revenue of 380 million yuan for the first three quarters of 2025, a year-on-year increase of 10.93%, but a net loss of 51.13 million yuan, a decline of 73.25% compared to the previous year [3] Group 2: Project Development - The carbon fiber project, with a total investment of 4.794 billion yuan, aims to produce 10,000 tons of carbon fiber and 60,000 tons of differentiated acrylic fiber [1][2] - The project will be developed in three phases, with investments of 1.803 billion yuan, 1.414 billion yuan, and 1.577 billion yuan for each phase respectively [2] - The construction of the carbon fiber bases is progressing steadily, with key infrastructure and equipment already in place [2]