Core Viewpoint - The company has postponed the completion date of its "High-Performance Flame Retardant Tarpaulin and Sealing Material Production Project" from September 2025 to September 2026 due to challenges in the photovoltaic industry [1] Group 1: Project Details - The project originally planned a construction period of 24 months and aimed to add an annual production capacity of 1 million square meters of specialized high-performance rubber products, including flame-retardant tarpaulin, solar silicone plates, and tank sealing materials [1] - The adjustment does not involve changes to the project implementation entity, fundraising purposes, or investment scale [1] Group 2: Industry Challenges - Since 2024, the global photovoltaic industry has faced difficulties due to an imbalance in supply and demand, with rapid upstream capacity expansion and a slowdown in downstream installation growth, leading to continuous price declines [2] - The industry has experienced widespread losses as prices have repeatedly fallen below cash cost lines, exacerbated by trade barriers in major markets for Chinese products [1][2] Group 3: Financial Performance - The company's silicone plate business saw a 37.04% year-on-year decline in revenue for 2024, with prices and sales volumes dropping by 19.30% and 21.97%, respectively, and gross margin decreasing from 51.54% to 45.37% [2] - As of June 30, 2025, the cumulative investment in the "High-Performance Flame Retardant Tarpaulin and Sealing Material Production Project" was 17.71 million yuan, accounting for 12.27% of the adjusted total planned investment [2] Group 4: Long-term Outlook - Despite the short-term project adjustment, the company emphasizes the long-term feasibility and necessity of the project, with growth potential in three major business segments: rail transit, petrochemical sealing materials, and photovoltaic silicone plates [3] - The company has been recognized as a "Little Giant" enterprise and a high-tech enterprise, indicating its strong position in the specialized rubber products industry [3]