Meeting Overview - The first bondholders' meeting for "Heshun Convertible Bonds" will be held on July 14, 2025, at 15:00 in Hangzhou, Zhejiang Province [5][11] - The meeting aims to protect the legal rights of bondholders and ensure orderly proceedings [2][4] Bond Issuance and Fund Utilization - The company issued 3.38 million convertible bonds with a total amount of 338 million yuan, net proceeds amounting to 331.67 million yuan after expenses [7][10] - The original project "Annual Production of 124,000 Tons of Nylon New Materials" is being adjusted to "Annual Production of 50,800 Tons of Nylon New Materials" [11][15] Project Adjustment Details - The adjustment involves reallocating the previously raised funds, with 76.24 million yuan already utilized primarily for construction [11][12] - The new project will focus on producing various nylon products, including nylon 6 and nylon 66, with a total investment of 281.19 million yuan [15][18] Market and Industry Context - The nylon industry is experiencing rapid growth, with increasing demand for high-performance nylon products [19][20] - The company aims to enhance its product structure and market competitiveness by diversifying into higher-value nylon products [20][21] Future Prospects - The adjusted project is expected to achieve an internal rate of return of 21.36% after reaching full production [18] - The company is positioned to meet the growing market demand for nylon materials, particularly in high-end applications [19][20]

Core Viewpoint - The company, 聚合顺新材料股份有限公司, is adjusting its fundraising project from an annual production capacity of 124,000 tons of nylon new materials to 50,800 tons, reflecting a strategic shift in production focus and capacity optimization [1][5][9]. Summary by Sections Project Adjustment Overview - The original project aimed for an annual production of 124,000 tons, including 104,000 tons of nylon 6 chips and 20,000 tons of copolymer nylon chips. The revised project will have a capacity of 50,800 tons, comprising 18,000 tons of nylon 6 copolymer chips, 14,000 tons of nylon 66 chips, 7,000 tons of nylon 66 copolymer chips, and 11,800 tons of modified nylon [1][8][12]. Funding and Financial Details - The company issued 3.38 million convertible bonds with a total amount of 338 million yuan, netting 331.67 million yuan after expenses. The bonds are set to be traded on the Shanghai Stock Exchange starting August 15, 2024 [2][3][12]. - The total investment for the new project is estimated at 281.19 million yuan, with 155.04 million yuan planned to be funded through the raised capital [8][12]. Reasons for Adjustment - The adjustment is driven by a reduced urgency for increasing nylon 6 chip production due to the anticipated release of production capacity from other projects. The company aims to focus on higher value-added products like copolymer nylon and nylon 66, which are expected to have broader market applications and enhance overall competitiveness [9][10][15]. - The company has already invested 76.24 million yuan in the original project, primarily in civil engineering, with a remaining balance of 78.80 million yuan [4][5][12]. Project Feasibility and Market Outlook - The project aligns with national policies supporting the nylon new materials industry, which is experiencing rapid growth. The company has established advanced production systems and a strong R&D team to support the new project [14][15]. - The expected internal rate of return for the project is 21.36%, with a payback period of 8.61 years [12][14]. Governance and Approval Process - The adjustments have been approved by the company's board and supervisory committee and will be submitted for shareholder and bondholder meetings for final approval [22][23][61].