日前， 万祥科技 一连发布两则公告，宣布终止可转债发行和IPO募投的 锂电池 项目。 2021年，万祥科技上市时承诺投资10亿元的"新建微型锂离子电池及精密零部件生产项目"，曾是公司转 型发展的关键布局。 然而这一项目在经历两次延期、一次资金削减后，最终被宣布终止，剩余募集资金2679.94万元将永久 补充流动资金。 根据公司披露，截至2025年9月20日，该项目募集资金投资进度已达81.08%，已基本建设完成。 万祥科技解释称，已投产的生产设备已具备量产能力，且已开始产品量产和交付，现有的产能在一定时 间段内已能够满足客户开发和生产需要。 回顾这一项目的历程，可谓一波三折。 万祥科技2021年11月上市时，原计划投资21，739.94万元募集资金用于"新建微型锂离子电池及精密零 部件生产项目"，该项目建设周期为1.75年，预计建成后新增年产微型针式及扣式锂离子电池3900万 只。 然而到了2023年8月，公司首次宣布这一项目延期，将预定可使用状态时间从2023年8月15日延期至2024 年12月31日。 2025年1月，公司再度调整这一项目，将投入资金由21，739.94万元调减至11，739.94万元，并 ...

Core Viewpoint - Wanjing Technology has decided to terminate its "Battery Project" and permanently allocate the remaining raised funds to working capital, reflecting ongoing challenges in project execution and market conditions [2][4][6]. Group 1: Project Overview - The "Battery Project" was initially planned with a total investment of 1 billion RMB, with 217 million RMB from raised funds allocated for equipment and software, aiming to produce 39 million micro lithium-ion batteries annually [3]. - The project faced multiple delays, with the completion date pushed from August 2023 to December 2024, and then further to June 2026, while the allocated funds were reduced to approximately 117 million RMB [3][6]. - As of September 20, 2023, the cumulative investment in the "Battery Project" reached 95.19 million RMB, achieving an investment progress of 81.08% based on the adjusted total investment [5]. Group 2: Financial Implications - The company plans to use the remaining 26.79 million RMB of raised funds to enhance liquidity and support its main business operations, indicating a shift in focus towards optimizing asset structure and resource allocation [4][6]. - In the first half of 2025, Wanjing Technology reported revenues of approximately 167 million RMB from its power/storage business, a 91.67% increase year-on-year, and 420 million RMB from consumer electronics, a 16.55% increase year-on-year [6]. Group 3: Market Context - The micro lithium-ion batteries produced by the "Battery Project" are intended for various applications, including smart wearables, medical devices, and consumer electronics, which are in growing market segments [7]. - Industry experts suggest that the repeated delays and funding reallocations may indicate underlying issues in market expansion and management's ability to navigate market conditions, potentially impacting the company's long-term stability [8].

Core Viewpoint - Suzhou Wanxiang Technology Co., Ltd. plans to terminate the "New Micro Lithium-ion Battery and Precision Component Production Project" and permanently supplement remaining raised funds of 26.7994 million yuan into working capital, pending shareholder approval [1]. Group 1: Project Termination - The total investment for the terminated project was 1 billion yuan, with an original plan to use 217.3994 million yuan of raised funds [5]. - The project was expected to add an annual production capacity of 39 million micro needle-type and buckle-type lithium-ion batteries upon completion [5]. Group 2: Financial Performance - For the first half of 2025, the company's operating revenue was 634 million yuan, representing a year-on-year increase of 31.94% [5]. - The net profit attributable to shareholders was 2.0055 million yuan, a year-on-year decrease of 85.71% [5]. - The net profit excluding non-recurring gains and losses was -981,400 yuan, a year-on-year decrease of 685.31% [5]. - Basic earnings per share were 0.01 yuan [5].