Core Viewpoint - The company, Guangdong Siquan New Materials Co., Ltd., has announced a delay in the completion of two major projects, extending their expected operational status from October 18, 2025, to October 18, 2026, while overall fundraising utilization has reached 90.82% [1][2]. Group 1: Project Delay and Fund Utilization - The two delayed projects are the "High-Performance Thermal Conductive Products Construction Project (Phase I)" and the "New Materials R&D Center Construction Project," with a total planned investment of 472.98 million yuan [2]. - As of September 30, 2025, the actual funds used amount to 429.56 million yuan, representing 90.82% of the total planned investment [2]. - The "High-Performance Thermal Conductive Products Construction Project" has a planned investment of 269.98 million yuan, with 254.06 million yuan already invested, achieving a utilization rate of 94.10% [2]. - The "New Materials R&D Center Construction Project" has a planned investment of 82 million yuan, with 54.51 million yuan invested, resulting in a utilization rate of 66.47% [2]. Group 2: Reasons for Delay - The delay is attributed to two main factors: the need to adjust the introduction of remaining equipment for the "High-Performance Thermal Conductive Products Construction Project" based on downstream customer demands, and the rapid development of the new materials industry requiring targeted adjustments in the R&D project [2][3]. - The company has confirmed that the delay only affects project timelines and does not change the project implementation entities, investment purposes, or scales [3]. Group 3: Asset Utilization and Future Plans - The company has rented out some temporarily idle properties, with a total rental area of 31,607.79 square meters, accounting for 44.64% of the total construction area of 70,807.16 square meters [4]. - The rental properties include office buildings, factories, and supporting facilities, aimed at improving asset utilization and avoiding idleness [4]. - The company emphasizes that the construction progress of production lines is clear, with a year-on-year revenue growth of 57.93% from January to September 2025, and a capacity utilization rate of 94.85% for artificial synthetic graphite thermal films [5].

Group 1 - The company Siquan New Materials (stock code: 301489) held its fourth board meeting on September 29, 2025, where it approved a proposal to extend the timeline for certain fundraising projects [1] - The board agreed to extend the completion dates for the "High-Performance Thermal Conductive Heat Dissipation Product Construction Project (Phase I)" and the "New Materials R&D Center Construction Project" to October 18, 2026, while keeping the project entities, purposes, and investment scales unchanged [1] - The decision for the extension was made based on the company's business planning and operational needs, aligning with long-term development goals and shareholder interests, with a unanimous vote of 9 in favor and no opposition [1]

Core Viewpoint - Siquan New Materials (301489.SZ) reached an all-time high stock price of 112.97 yuan on August 1, 2023, following the announcement of a plan to issue shares to specific investors to raise up to 465.91 million yuan for various projects [1]. Group 1: Fundraising and Projects - The company plans to raise a total of 465.91 million yuan through a private placement of shares, which will be allocated to projects including the Vietnam Siquan New Materials heat dissipation product project (369.16 million yuan), liquid cooling research and development center project (31.59 million yuan), information system construction project (30.16 million yuan), and working capital supplementation (35 million yuan) [2]. - The shares will be issued as domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share, and the issuance will occur after obtaining approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2][3]. Group 2: Issuance Details - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutions, and qualified foreign institutional investors [3]. - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date, and the total number of shares issued will not exceed 30% of the company's total share capital before the issuance [3][4]. Group 3: Shareholder Structure and Control - After the issuance, the existing undistributed profits will be shared among new and old shareholders based on their respective shareholding ratios post-issuance, and the decision on the issuance will remain valid for 12 months from the date of approval by the shareholders' meeting [4]. - As of the announcement date, Ren Zeming holds 18.17% of the company’s shares directly and controls 26.27% of the voting rights, ensuring that he remains the controlling shareholder after the issuance [4].

Core Viewpoint - Guangdong Siquan New Materials Co., Ltd. has provided a report on the use of previously raised funds, confirming compliance with regulatory requirements and reflecting the actual usage of funds as of June 30, 2025 [1][2]. Fundraising and Usage Summary - The company raised a total of RMB 600,751,114.44 through the issuance of 14,420,334 shares at a price of RMB 41.66 per share, with net proceeds after deducting issuance costs amounting to RMB 533,371,166.95 [2][3]. - As of June 30, 2025, the total amount of funds used was RMB 45,742.51 million, with RMB 7,594.61 million remaining unutilized, representing 14.24% of the total raised funds [6][8]. Fund Allocation and Management - The company allocated RMB 421,425,126.40 to investment projects and incurred issuance costs of RMB 5,370,754.73, while earning interest income of RMB 2,652,466.08 [2][4]. - The company has approved the use of RMB 1,800.00 million of excess funds for permanent working capital and RMB 2,439.31 million for the construction of a graphene and synthetic graphite thermal interface material project [3][4]. Project Performance and Benefits - The high-performance thermal conductive product construction project is expected to achieve an average annual net profit of RMB 71.3163 million upon reaching full production capacity [9]. - As of June 30, 2025, the projects are still under construction and have not yet generated measurable benefits [9]. Temporary Fund Management - The company has approved the temporary use of idle funds for cash management, allowing for the purchase of high-security, liquid investment products, with a limit of RMB 300 million for idle raised funds and RMB 150 million for idle self-owned funds [5][6]. Compliance and Reporting - The reports on the use of previously raised funds have been verified by Grant Thornton, confirming that they meet the requirements set by the China Securities Regulatory Commission [1][2].