Core Viewpoint - The company, 嘉戎技术, is planning to acquire 杭州蓝然技术股份有限公司 through a share issuance and is in the process of raising matching funds, which may constitute a significant asset restructuring according to regulations [1][2] Group 1: Acquisition Details - 嘉戎技术 has signed a letter of intent with major shareholders of 杭州蓝然 to purchase all shares held by them through share issuance [2] - The transaction is still in the planning stage, and the final details regarding the transaction counterparties and shareholding ratios will depend on further negotiations and disclosures [2] - The acquisition is expected to result in a significant increase in the shareholding of the main transaction counterparties in 嘉戎技术, exceeding 5% [1] Group 2: Business Focus and Operations - 嘉戎技术 specializes in membrane technology research and its applications in various sectors, including waste treatment and resource recycling [2] - The company has provided membrane separation equipment for over 600 high-concentration wastewater treatment projects across 27 provinces and 4 municipalities in China [2] - 杭州蓝然 focuses on providing comprehensive solutions for salt resource utilization, with applications in multiple industries, including clean production and wastewater resource recovery [1] Group 3: Financial Performance - In the first three quarters of 2025, 嘉戎技术 reported a revenue of 362 million yuan, a year-on-year decrease of 7.53% [3] - The net profit for the same period was 59.3 million yuan, reflecting a year-on-year increase of 12.95% [3] - The company's non-recurring net profit reached 40.6 million yuan, showing a year-on-year growth of 15.04% [3]

Core Viewpoint - Wharton Technology (000920.SZ) is planning to invest in the enhancement of membrane materials and membrane component capabilities to seize market opportunities in the membrane industry and promote high-quality development [1] Group 1 - The project is currently in the proposal verification stage [1] - The investment plan is subject to internal approval and project filing procedures [1] - The project faces significant uncertainties due to various risk factors including policy, market, and environmental influences [1]

Core Viewpoint - The company aims to seize market opportunities in the membrane industry by investing in the enhancement of membrane material and component capabilities, currently in the project proposal stage [1] Group 1 - The project is focused on improving the company's capabilities in membrane materials and components [1] - The investment amount and specific plans for the project have not yet been determined [1] - The final investment plan will be subject to the company's approval [1]

Core Viewpoint - The company is adjusting the investment structure of certain fundraising projects and postponing their timelines to align with current market conditions and strategic development needs [1][15][16] Fundraising Overview - The company raised a total of RMB 111,830.07 million from its initial public offering, with a net amount of RMB 98,901.50 million after deducting issuance costs [1][2] - The funds are stored in designated special accounts, and agreements have been signed with the sponsoring institution and banks for fund supervision [2] Fundraising Project Status - As of June 30, 2025, the company has invested RMB 47,901.85 million in its fundraising projects, with a total planned investment of RMB 96,168.46 million [3][4] Adjustments to Investment Structure - The company is adjusting the investment structure of the "R&D Center Construction Project" to include a new research direction focused on "comprehensive process precious metal extraction and resource innovation" [4][6] - The adjustment involves reallocating funds from existing projects to meet the higher equipment investment needs of the new research direction [5][6] Project Timeline Postponement - The completion date for the "R&D Center Construction Project" has been postponed from December 31, 2025, to December 31, 2027, due to the adjustments made [6][9] - Other projects, including "High-Performance Membrane Material Industrialization" and "DTRO Membrane Component Capacity Expansion," have also had their timelines extended to December 31, 2027 [9][10] Rationale for Adjustments - The adjustments are driven by changes in the macroeconomic environment, industry trends, and the company's operational needs, ensuring alignment with national strategies for circular economy and resource recovery [6][13] - The company aims to enhance its competitive edge and explore new business growth points through these strategic changes [14][15] Project Feasibility and Expected Benefits - The adjusted projects are deemed necessary and feasible, with expected benefits including increased product value and improved market competitiveness [13][14] - The company plans to optimize resource allocation and enhance project management to ensure effective use of the raised funds [12][16]