Hangzhou First Materials reallocates funds, extends project, creates new business unit

Hangzhou First Applied Material (SSE:603806) announced the closure of four fundraising projects: "Annual Production of 5 Million Square Meters of Flexible Copper Clad Laminate (Materials)," "Annual Production of 250 Million Square Meters of High-Efficiency Battery Encapsulation Film in Vietnam," "Annual Production of 250 Million Square Meters of High-Efficiency Battery Encapsulation Film in Thailand," and "12MW Distributed Photovoltaic Power Generation." These closures will result in a combined surplus of 320,837,000 yuan, which the company intends to use as permanent working capital replenishment, subject to shareholder approval.

The company also extended the construction period for its "Annual Production of 250 Million Square Meters of High-Efficiency Battery Encapsulation Film Project" from December 2025 to December 2026 due to market conditions and strategic adjustments. This extension was approved by the board and does not require shareholder approval.

Additionally, Hangzhou First Applied Material announced an organizational restructuring, creating a new "Coating Materials Business Unit" to focus on coating-related research, production, and sales. Concurrently, Song Ganjun resigned as deputy general manager but will continue to serve as legal representative and general manager of Hangzhou First Electronic Materials Co., Ltd., a controlled subsidiary.