Core Viewpoint - The company, Hengguang Co., Ltd., is experiencing a slowdown in the construction progress of its fundraising projects due to the low industry prosperity cycle, leading to a delay in the completion of its 55,000-ton fine chemical new materials production line project from June 30, 2025, to December 31, 2026 [1] Group 1: Project Updates - The 55,000-ton fine chemical new materials production line project includes two sub-projects: a 5,000-ton 2-ethyl anthraquinone production line and a 50,000-ton sodium chlorite production line [2] - The company has completed the technical optimization of the 5,000-ton 2-ethyl anthraquinone production line, but achieving full production will take additional time [2] - Due to the complex market environment and macroeconomic conditions, the company has decided to suspend the investment in the 50,000-ton sodium chlorite production line [2] Group 2: Financial Performance - Since its IPO, Hengguang Co., Ltd. has invested a total of 3.43 billion yuan in its fundraising projects, with an overall investment progress of 60.57% as of May 2025 [1] - The company reported revenues of 933 million yuan, 1.08 billion yuan, 936 million yuan, and 1.235 billion yuan from 2021 to 2024, with net profits of 242 million yuan, 202 million yuan, -37.55 million yuan, and -60.93 million yuan respectively [2] - The company has incurred losses for two consecutive years in 2023 and 2024, totaling approximately 98.48 million yuan [2] Group 3: Reasons for Losses - The company attributes its losses in 2024 to four main factors: low product gross margins, high fixed costs due to increased production capacity, rising energy prices post-market reform, and asset impairment provisions [3] - The gross margin for the company's main business was 8.05% in 2024, a decrease of 1.58 percentage points year-on-year [3] - The gross margins for the chlor-alkali and sulfur chemical product chains were 9.69% and 3.02%, reflecting changes of 3.13 and -12.93 percentage points respectively [3]

西部证券股份有限公司 关于湖南恒光科技股份有限公司部分募投项目 延期的核查意见 深圳证券交易所： 西部证券股份有限公司（以下简称"西部证券"、"保荐人"）作为湖南恒 光科技股份有限公司（以下简称"恒光股份"、"公司"）首次公开发行股票并 在创业板上市的保荐人，根据《证券发行上市保荐业务管理办法（2025 修正）》 《深圳证券交易所创业板股票上市规则（2025 年修订）》《深圳证券交易所上市 公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》《上市 公司募集资金监管规则》等相关规定，对恒光股份部分募投项目延期的事项进行 了审慎核查，核查情况及核查意见如下： 一、首次公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于同意湖南恒光科技股份有限公司首次公开 发行股票注册的批复》（证监许可20213257 号）同意注册，公司首次公开发行 人民币普通股（A 股）股票 2,667 万股,每股面值 1.00 元，发行价格为 22.70 元/ 股，募集资金总额为人民币 605,409,000.00 元，扣除相关发行费用后实际募集资 金净额为人民币 540,808,306.61 元。 上述募集资 ...