Siquan New Materials Responds to Second Round of Inquiries: Customs Audit Does Not Constitute Issuance Obstacle; Previous Fundraising Project Postponed to 2026

Sihuan New Materials (301489) recently released a reply announcement regarding the second round of inquiry letters for the issuance of shares to specific targets. The company provided detailed explanations on key issues such as customs inspection matters, subsidiary environmental assessments, and the delay of previous fundraising projects. The announcement states that the company’s customs inspection issue has been resolved with a non-penalty decision, which does not constitute a major violation or obstacle to the current issuance. The delay of the previous fundraising projects has been extended to October 2026, mainly to dynamically match customer demand and optimize R&D directions.

Customs Inspection: No Penalty, Export Business Unaffected

The announcement discloses that from April 20, 2021, to March 28, 2024, the company had misdeclared customs tariff codes for exported goods. Guangzhou Baiyun Airport Customs issued a “Decision of No Administrative Penalty” on March 10, 2026, recognizing the violation but deciding not to impose penalties due to lack of subjective fault and the expiration of the penalty period.

Currently, the company’s synthetic graphite products are uniformly declared under tariff code 6815190090 for export, and the customs classification review has been completed. Since the tariff code change in June 2024, export operations have proceeded normally. From January to September 2025, overseas revenue exceeded 70 million yuan, surpassing the total overseas revenue for 2024. The China Customs Enterprise Import and Export Credit Information Publicity Platform shows no credit abnormalities for the company, and Huangpu Customs has issued a certificate of no illegal or criminal records.

The company has established the “Export Tax Refund Management and Risk Control System,” formed a risk control team, and clarified departmental responsibilities. Internal control systems are sound and effectively implemented. The announcement also warns that future tax authorities may require back taxes, which could negatively impact the company’s profits.

Subsidiary Environmental Assessment Issues: Completed Rectification, No Obstacle to Issuance

Regarding the subsidiaries Caming Precision and Fanshuo Electronics, which previously operated without approval, the announcement states both have completed all environmental assessment procedures. Caming Precision received environmental approval in November 2025 and completed self-inspection in December; Fanshuo Electronics obtained environmental approval and passed inspection at the same time. Both companies have registered pollutant discharge, valid until 2030.

Inspections found no serious environmental pollution or major casualties, and no related administrative penalties. The sponsor believes that since the subsidiaries have rectified issues, the risk of penalties is low, and there are no major violations or obstacles to the current issuance. The actual controller of the company has issued a commitment to unconditionally bear any future environmental penalties.

Previous Fundraising Projects: Extended to October 2026, Over 90% Investment Completed

The company’s previous fundraising projects, “High-Performance Thermal Conductive Heat Dissipation Product Construction (Phase I)” and “New Material R&D Center Construction,” were originally scheduled to be operational by October 2025 but have now been extended to October 2026. As of September 30, 2025, the overall investment ratio of the previous fundraising funds reached 90.82%, detailed as follows:

The extension is mainly due to: the high-performance heat dissipation project needs to dynamically adjust equipment introduction based on North American major customer demands; the R&D center requires optimization of research directions toward composite heat dissipation technology, ultra-thin and lightweight designs due to rapid iteration of new materials, and some customized equipment has longer development cycles.

Notably, some factory buildings of the previous projects are leased out. The subsidiaries have leased out 14,950.51 square meters (27.62%) and 3,758.11 square meters (6.94%) externally. The company states that leasing is a reasonable use of idle assets and will not affect the implementation of the fundraising projects. A clear equipment procurement schedule has been set, with about 15 million yuan planned for remaining equipment purchases in 2026.

Simulated estimates show that the high-performance heat dissipation project generated over 60 million yuan in economic benefits from January to September 2025, and is expected to achieve the projected returns after completion. The sponsor believes the delay is reasonable, with no implementation barriers, and the use of raised funds is cautious and reasonable.

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