1. Background and Purpose of the Stock Issuance to Specific Investors
(1) Background of the Stock Issuance
The advancement of China's "dual carbon" goals provides a clear direction for the green transformation of the chemical industry. Since 2021, various policy documents, including the "14th Five-Year Plan for the Development of Raw Material Industry," have been released to support the high-end, intelligent, and green transformation of basic chemical industries such as chlor-alkali, encouraging the extension of the industrial chain into high-value areas like new chemical materials and new energy battery materials. Additionally, the "New Energy Vehicle Industry Development Plan (2021-2035)" explicitly proposes expanding the application scale of new energy vehicles, indirectly driving continuous growth in the lithium battery materials market. The company is the largest chlor-alkali enterprise in Southwest China and continues to promote its "one body, two wings" development strategy, expanding the industrial chain and value extension into titanium chemicals and lithium battery materials based on its existing chlor-alkali industry cycle. Currently, the company has established a complete integrated manufacturing cycle industrial chain of "resource energy - chlor-alkali chemicals - new chemical materials and new energy battery materials," forming a broader range of upstream and downstream industrial synergy. The company has significant funding needs during the green upgrade of the industrial chain and the promotion of new energy materials business layout. By the end of 2023, 2024, and 2025, the company's debt-to-asset ratios are projected to be 55.22%, 61.18%, and 61.40%, respectively, indicating a high overall level and a need to optimize the capital structure through stock issuance to specific investors.