On November 30, Wansheng Co., Ltd. issued an announcement on project adjustments and project extensions for the “Integrated Production Project of Functional New Materials with an annual output of 319,300 tons”. According to the adjustment announcement, the original planned total investment of the project was 1.6 billion yuan, and it was planned to use raised funds of 1.3 billion yuan. The above-mentioned investment matters have been reviewed and approved by the company’s third extraordinary shareholders’ meeting in 2021. As of September 30, 2023, a total of 1.573 billion yuan of construction funds have been actually invested in the raised investment project, of which 1.241 billion yuan of raised funds has been invested.
Starting from the first half of 2022, due to geopolitical conflicts, European and American inflation, and the expansion of production capacity in the domestic market, the supply and demand pattern of some products in the integrated production project of functional new materials with an annual output of 319,300 tons has undergone major changes, and product supply exceeds demand. As a result, price competition is fierce, and the continued implementation of the original investment project construction plan faces many challenges, and it is expected that the expected investment target will not be achieved in the short term after implementation.
Based on changes in the economic environment and the actual situation of project construction, the company plans to adjust the original project and adjust the annual production capacity of the functional new material integrated production project from 319,300 tons to 202,270 tons (including: green polyurethane flame retardant 7 10,000 tons, 70,000 tons of phosphorus oxychloride, 25,000 tons of green engineering plastic flame retardants, 2,930 tons of high-end epoxy resins and additives, and 34,340 tons of surfactants).
The products of the investment projects adjusted this time are mainly high-end epoxy resins and additives and green engineering plastic flame retardants. Due to the significant changes in the market supply and demand relationship of epoxy resin and green engineering plastic flame retardants in the past two years, the market Competition is fierce, and the gross profit of related products has dropped significantly. The company plans to reduce the original 100,000 tons of high-end epoxy resin and additives production capacity construction scale to 2,930 tons, corresponding to the 100,000 tons of high-end epoxy resin and additives in the original feasibility study report. The investment amount is approximately 61.2 million yuan, accounting for 3.83% of the total investment in the original raised investment project. At the same time, it is planned to reduce the original 50,000 tons production capacity construction scale of green engineering plastic flame retardants to 25,000 tons, compared with 25,000 tons in the original feasibility study report The corresponding investment in green engineering plastic flame retardants is approximately 34.33 million yuan, accounting for 2.15% of the total investment in the original raised investment project.
At the same time, due to the improvement of construction standards of investment projects and changes in some product processes, in order to meet the overall supporting planning of the Shandong Weifang production plant project and government regulatory requirements, the company has improved the safety factor of building structure design, optimized and adjusted environmental protection facilities, and improved workshop automation level, and the overall increase in labor costs and material prices during the project construction period has led to a significant increase in the project investment budget. The company needs to make additional investment in this raised investment project, and plans to increase the investment scale of the raised investment project to 2.15 billion yuan. After the raised funds are used, the shortfall will be settled by the company’s own funds. The company will promptly adjust the project investment situation based on subsequent market changes. Delay of this fundraising project: The date for the products of the fundraising project to reach the intended usable state has been postponed to the fourth quarter of 2024.
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