Core Viewpoint - Tianyang New Materials (Shanghai) Technology Co., Ltd. has decided to terminate certain fundraising projects and postpone others due to changes in the real estate industry and overall market demand, aiming to maximize the efficiency of fund usage and protect investor interests [1][5][11]. Fundraising Overview - In 2020, the company raised approximately RMB 386.99 million through a private placement of 16,929,124 shares at RMB 22.86 per share [1]. - In 2022, the company raised approximately RMB 986.50 million by issuing 99,847,765 shares at RMB 9.88 per share, with a net amount of RMB 967.39 million after deducting issuance costs [2][3]. Fund Investment Projects - The 2020 fundraising was allocated to projects including high-end environmentally friendly wall fabrics, with a total investment of RMB 148 million, of which RMB 37.39 million was utilized by May 2025 [3][4]. - The 2022 fundraising was directed towards photovoltaic film projects, with a total investment of RMB 154.54 million, and RMB 96.74 million utilized by May 2025 [4]. Termination of Fundraising Projects - The "High-end Environmentally Friendly Wall Fabric Project" has reached 100% investment progress, with a total of RMB 18.55 million expected to be used. The project will be terminated due to insufficient market demand in the home decoration sector [5][6]. - The remaining funds from the terminated project will be permanently redirected to supplement working capital for daily operations [4][5]. Postponement of Fundraising Projects - The company plans to postpone the completion of the "Hot Melt Adhesive Materials Project" and the "Photovoltaic Film Projects" to June 2026 due to delays in construction progress and market conditions [8][9]. - Factors affecting the delay include increased competition in the hot melt adhesive market and low demand for photovoltaic components, which have impacted project timelines [9][10]. Impact of Project Changes - The termination of the "High-end Environmentally Friendly Wall Fabric Project" is not expected to adversely affect the company's normal operations, as existing production lines can meet current needs [6][10]. - The postponement of projects is a cautious decision based on objective reasons and does not alter the intended use of funds or harm shareholder interests [10][11]. Approval Process - The decisions regarding the termination and postponement of projects were approved in the board and supervisory meetings held on May 26, 2025, and will be submitted for shareholder approval [11][12].