I. Overview of the First Carbon Fiber Precursor Production Line Trial
Zhejiang Precision Integrated Technology Co., Ltd. (hereinafter referred to as the Company) held the third meeting of the ninth board of directors and the third meeting of the ninth board of supervisors in September and October 2024, respectively, as well as the second extraordinary general meeting of shareholders in 2024. The meetings approved the proposal for the investment and construction of a high-performance fiber project by the wholly-owned subsidiary Zhejiang Precision Carbon Material Technology Co., Ltd. (hereinafter referred to as Precision Carbon Material), agreeing to invest in the construction of two high-performance fiber production lines (i.e., carbon fiber precursor production lines). Upon completion, the project will have an annual production capacity of 10,000 tons of high-performance fiber. The production lines are self-developed and manufactured by the Company. Details of the above matters can be found in the announcements numbered 2024-046 and 2024-049 published on September 30, 2024, and October 11, 2024, in the Securities Times and on the Giant Tide Information Network (http://www.cninfo.com.cn). In December