Core Viewpoint - Panda Dairy announced the postponement of the expected operational status dates for two fundraising investment projects, indicating a strategic adjustment in project timelines [2]. Group 1: Project Postponements - The operational status date for the "Cangnan annual production of 30,000 tons of concentrated dairy products project" has been postponed to June 30, 2027 [2]. - The operational status date for the "beverage and seasoning product optimization and upgrading project" has been postponed to January 31, 2027 [2].

Core Viewpoint - The company announced a net fundraising amount of 278 million yuan from its initial public offering, which will be allocated to various projects, including a concentrated dairy product production project and an optimization project for beverages and seasonings [1] Group 1: Fundraising and Project Allocation - The net amount raised from the IPO is 278 million yuan, designated for the "Cangnan annual production of 30,000 tons of concentrated dairy products project" and the "beverage and seasoning product optimization and upgrading project" [1] - The concentrated dairy product project will receive 187 million yuan, but due to significant subsidence of the factory building, the construction progress has been slower than expected, leading to a lawsuit with related parties and a postponement of the project's completion date to June 30, 2027 [1] - The beverage and seasoning optimization project is allocated 40 million yuan, but due to adjustments in the company's business layout, the project's progress has not met initial plans, resulting in a delay until January 31, 2027 [1] Group 2: Project Delays and Implications - The decision to delay some fundraising investment projects is based on a prudent assessment of actual implementation conditions, and it does not change the project implementation entities, the use of raised funds, or the investment scale [1] - There is no indication that the delays will adversely affect the company's normal operations or overall fundraising arrangements, aligning with the company's long-term development plans [1]