Core Viewpoint - The company has decided to postpone the completion date of its "Research and Development Center Construction Project" from September 2025 to September 2027, while other aspects of the fundraising projects remain unchanged [1][2][6]. Fundraising Overview - The company raised a total of RMB 677,332,050.00 through the issuance of 25,559,700 shares at a price of RMB 26.50 per share, with a net amount of RMB 570,754,386.47 after deducting underwriting fees and other related expenses [1][2]. - The fundraising plan includes investments in various projects, with a total investment of RMB 153,826.44 million, of which RMB 57,075.44 million is allocated from the raised funds [2]. Postponement Details - The postponement of the "Research and Development Center Construction Project" is due to significant changes in the operating environment, including global trade complexities and economic pressures [2][3]. - The company requires additional time to reassess market demands and optimize project design, technology direction, and production capacity to align with long-term strategic goals [3][4]. Necessity and Feasibility of Postponement - The necessity for postponement arises from rapid technological advancements and market changes, necessitating a reevaluation of the original project plans [4][5]. - The company has a strong foundation with over ten years in the industry and a professional R&D team, ensuring the feasibility of the postponed project [5][6]. Measures to Ensure Completion - The company will enhance supervision and management of the fundraising projects to ensure efficient use of funds and timely project completion [5][6]. - The postponement will not affect the investment content, total investment amount, or the direction of the fundraising, ensuring alignment with the company's operational needs [6][7]. Review Procedures - The postponement proposal was approved by the company's board of directors and supervisory board, following necessary decision-making procedures [7].

Core Viewpoint - The company is transitioning from a traditional foreign trade factory to a global enterprise, focusing on "global production, global sales, and global service" to meet increasing international demand, particularly from the U.S. and Thailand [2][3]. Expansion and Production Capacity - The company is accelerating overseas capacity construction, with the Thailand factory being a crucial step, expected to fully meet U.S. customer orders by the second quarter and additional demand by the fourth quarter [3][4]. - The Thailand factory has achieved full production capacity for its biodegradable tableware project, with an annual output of 35,000 tons, completed in just nine months [4]. - An additional investment of $80 million will be made to expand the Thailand facility to produce 65,000 tons of biodegradable tableware [4]. Market Strategy and Product Development - The company currently derives approximately 52% of its revenue from U.S. exports and is focusing on expanding its market share in non-U.S. markets while developing new product lines beyond tableware [3][5]. - The company has a domestic capacity of 150,000 tons and is exploring ways to utilize this capacity effectively as U.S. orders shift to Thailand [5]. - The company is also developing high-end industrial packaging products, which have shown promising growth and are expected to contribute significantly to revenue [5]. Industry Position and Future Outlook - The company is a leader in the pulp molding industry, utilizing natural plant fibers like sugarcane bagasse and bamboo pulp, distinguishing itself from competitors who primarily use waste paper [6]. - The global demand for biodegradable products is projected to be substantial, with the company positioned to capitalize on this trend amid increasing regulations against plastic [6]. - The company anticipates that once the Thailand factory reaches full capacity, profitability will exceed that of domestic operations, with potential for revenue to double in the coming years [6]. Technological and Operational Excellence - The company has developed its production equipment and systems, which enhances its cost efficiency and market competitiveness [8]. - The focus on innovation and maintaining high-quality production processes is seen as a key competitive advantage, allowing the company to achieve higher profit margins than industry averages [8]. Challenges and Strategic Vision - The company acknowledges the challenges posed by the changing external environment but views these as opportunities for growth and transformation [9]. - The leadership emphasizes the need for a shift from a scale-driven approach to a value-driven strategy, aiming to create a robust industrial ecosystem [9].

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong market position and expected performance [5][20]. Core Views - The initial ruling of the "double anti-dumping" investigation by the US against China's pulp molding industry has been released, with the company facing a significant anti-dumping tax rate of 470.63% [3]. - The company is strategically shifting its production to Thailand to mitigate the impact of tariffs, with a projected 52% of its revenue coming from exports to the US in 2024 [4]. - The global market for pulp molding is expected to grow at a compound annual growth rate (CAGR) of 7.60% from 2023 to 2030, indicating a broad future market potential [5]. Financial Performance and Forecast - The company is projected to achieve net profits of 357 million, 421 million, and 485 million yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10%, 18%, and 15% [5][7]. - Revenue is expected to grow from 1,546 million yuan in 2024 to 3,216 million yuan in 2027, with a CAGR of approximately 24% [7]. - The earnings per share (EPS) is forecasted to increase from 3.17 yuan in 2025 to 4.74 yuan in 2027 [7]. Market Position and Strategy - The company is recognized as a leading player in the domestic pulp molding market, benefiting from scale, research and development capabilities, and a strong customer base [5]. - The establishment of production facilities in Thailand is aimed at enhancing market competitiveness and addressing the challenges posed by the US tariffs [4][5]. - The company is actively exploring market opportunities in Europe, the Middle East, South America, and Australia to diversify its revenue streams [5].

Group 1 - The U.S. Department of Commerce initiated anti-dumping and countervailing investigations against thermoformed molded fiber products from China and Vietnam in October 2024 [2][3] - The preliminary ruling for anti-dumping resulted in a tax rate of 470.63% for the company, while the average tax rate for other non-mandatory responding companies was 345.84% [3] - The preliminary ruling for countervailing duties set the tax rate at 5.99% for the company, with rates for other Chinese producers ranging from 6.38% to 153.25% [4] Group 2 - Cumulative tariffs, including previous tariffs of 25% and 145%, result in a total tariff of 646.62% for the company [6] - Approximately 52% of the company's revenue in 2024 came from exports to the U.S., with 1.16 million tons shipped in Q1 2025, also representing 52% of total sales for that period [6] - The company's Thai factory project for producing biodegradable tableware is expected to mitigate the negative impacts of the investigations [6] Group 3 - The company has engaged a professional legal team to respond to the investigations and has filed an appeal with the U.S. Department of Commerce [7] - The company plans to increase investment by $80 million in the Thai factory to expand production capacity [8] - The company is actively exploring markets outside the U.S. and assessing the feasibility of establishing overseas production bases [8][9] Group 4 - The company announced the use of idle raised funds for cash management, amounting to 20 million RMB, through a structured deposit product [12] - The total amount for cash management is capped at 30 million RMB, with a 12-month validity period for the investment [17] - The cash management strategy aims to enhance the efficiency of fund usage without affecting the company's main business operations [27]

（一）在此之前，美国政府已分别加征关税25%和145%，加上"双反调查"的初裁税率，累计后关税为 646.62%（注：25%+145%+470.63%+5.99%=646.62%）。（二）2024年度，公司出口至美国的销售额占 营业收入的52%左右。2025年第一季度，国内工厂向美国正常出货量累计为1.16万吨左右，占当期销量 的52%左右。（三）泰国工厂"年产3.5万吨甘蔗渣可降解环保餐具项目"的全线投产，有力地对冲了"双 反"；后续"年产6.5万吨甘蔗渣可降解环保餐具项目"投资计划的实施，将进一步提升公司的市场竞争 力，进一步有利于扭转"双反"带来的不利影响，预计不会对公司产生重大影响。 （一）公司已委托专业律师团队，积极应对本次"双反调查"，第一时间向美国商务部申诉，美国商务部 将于2025年6月派员到公司现场核查。（二）因泰国工厂"年产3.5万吨甘蔗渣可降解环保餐具项目"已完 成建设并已全线投产，承接美国客户的订单，且已于4月中旬向美国客户出货。从2025年第二季度开 始，原计划在国内生产的美国客户的订单转到泰国工厂生产。 格隆汇5月12日丨众鑫股份(603091.SH)公布，近日，美国商务部对来自中 ...