Jiangnan New Materials (603124): The 53 million yuan marketing center construction project has been postponed by one year to March 2027

Jiangxi Jiangnan New Materials Technology Co., Ltd. (stock abbreviation: Jiangnan New Materials, stock code: 603124) announced on the evening of March 27 that the company has decided to extend the scheduled usable state date of the initial public offering fundraising project “Marketing Center Construction Project” from the originally planned March 2026 to March 2027. This proposal has been approved by the 17th meeting of the second board of directors of the company, and the sponsor CITIC Securities has issued a review opinion without objection.

Basic Situation of Fundraising

Jiangnan New Materials completed its initial public offering of A-shares in 2025, issuing 36,436,300 shares at an issue price of 10.54 yuan per share, raising a total of 384,038,600 yuan. After deducting the issuance fees of 52,968,500 yuan, the net amount of funds raised is 331,070,100 yuan. The above funds have been verified by Rongcheng Accounting Firm and a special account for fundraising has been established for dedicated management.

Progress of Fundraising Use

As of December 31, 2025, the company’s initial public offering fundraising investment projects and their usage are as follows:

Note: The cumulative amount of fundraising used for the supplementary working capital project exceeds the amount of fundraising invested due to interest earned on the fundraising and partial issuance costs (stamp duty) paid with self-owned funds.

Specific Situation of Project Delay

The company has only adjusted the implementation progress of the “Marketing Center Construction Project,” and the project’s investment content, investment scale, and implementing entity remain unchanged. The specific delay situation is as follows:

Reasons for Delay and Safeguard Measures

The announcement indicates that the “Marketing Center Construction Project” was originally planned to construct a marketing center in Shenzhen that integrates product display, marketing promotion, overall management, and after-sales service. The main construction contents include site acquisition and renovation, equipment procurement, team building, etc. The company stated that currently, leasing a site with self-owned funds can meet the marketing work requirements, while purchasing an office building will involve a large-scale fixed asset investment.

To reduce fundraising investment risks, enhance fund usage efficiency, and ensure the safe and reasonable use of fundraising, the company has adopted a relatively cautious strategy during the project implementation process, slowing down the project implementation progress. Based on the principle of being responsible to investors and cautious investment, the decision to postpone the project by one year was made after careful consideration.

To ensure that the project is completed on time after the delay, the company will closely monitor changes in industrial policies and market environments, prudently conduct fundraising investments according to market development trends, and strictly adhere to regulations regarding the use of fundraising, standardizing fund management and use to ensure the orderly implementation of fundraising projects.

Impact on the Company and Review Situation

The company emphasizes that the postponement of some fundraising projects is a prudent decision made based on actual conditions, only involving adjustments to the project progress and not affecting the investment content, scale, or implementing entity. There is no change in the use of fundraising or harm to the interests of shareholders, and it will not adversely affect the company’s production operations and financial status, aligning with the company’s long-term development plan.

The sponsor CITIC Securities stated in the review opinion that the postponement of some fundraising projects has gone through necessary review procedures, has not changed the project implementing entity, purpose, or investment scale, and does not involve any disguised changes in the direction of fundraising or harm to the interests of other shareholders, which complies with relevant regulatory requirements, and there are no objections to this.

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