Core Viewpoint - Zhejiang Titan Co., Ltd. has announced a delay in the completion date of its "Hangzhou R&D Center Construction Project" to May 2026, while maintaining the project's implementation subject, method, content, funding purposes, and investment scale unchanged [1][4][6]. Fundraising Overview - The company issued 2.955 million convertible bonds with a total fundraising amount of RMB 295.5 million, netting RMB 289.96 million after deducting issuance costs of RMB 5.54 million [1][2]. - As of November 11, 2025, the fundraising usage and storage details were provided, indicating that the "Intelligent Textile Machinery Equipment Manufacturing Base Construction Project" was completed in June 2025 [2][3]. Delay Details - The delay in the "Hangzhou R&D Center Construction Project" was attributed to external environmental factors affecting construction progress, despite prior feasibility studies [4][5]. - The company has adopted a cautious funding strategy for the project, which has impacted the overall implementation timeline [4][5]. Measures for Completion - The company plans to use the remaining funds primarily for decoration and equipment procurement, ensuring that the project progresses in an orderly manner [5]. - Enhanced supervision of the project's construction progress will be implemented to facilitate timely completion [5]. Impact of Delay - The delay is a prudent decision based on actual construction progress and does not adversely affect the company's normal operations or shareholder interests [6][8]. Approval Process - The board of directors approved the delay during the 15th meeting of the 10th session on November 19, 2025, with unanimous support from all attending members [7][14]. - The sponsor institution confirmed that the delay complies with relevant regulations and does not harm shareholder interests [8].

Group 1 - The core viewpoint of the announcement is the approval of the adjustment of investment scale for a fundraising project and the permanent allocation of surplus funds to supplement working capital [1][2]. - The 9th meeting of the 10th Supervisory Board of Zhejiang Titan Co., Ltd. was held on June 9, 2025, with all three attending supervisors voting unanimously in favor of the proposal [1]. - The proposal involves the "Intelligent Textile Machinery Equipment Manufacturing Base Construction Project," which will have its investment scale adjusted and concluded, with surplus funds redirected to support daily operations and business development [1][2]. Group 2 - The proposal requires further approval from the company's shareholders and bondholders' meeting [2]. - The announcement will be detailed in various financial publications and on the official website for public access [2].