Securities Code: 300898
Securities Abbreviation: Panda Milk Products
Announcement Number: 2026-035
Panda Milk Products Group Co., Ltd.
Announcement on Adjusting Investment Scale of Some Fundraising Projects, Expanding Production Capacity, and Changing Use of Raised Funds
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and contains no false representations, misleading statements, or material omissions.
Panda Milk Products Group Co., Ltd. (hereinafter referred to as the "Company" or "Panda Milk Products") held the twenty-fifth meeting of the Fourth Board of Directors on July 20, 2026, and reviewed and approved the "Proposal on Adjusting the Investment Scale of Some Fundraising Projects, Expanding Production Capacity, and Changing the Use of Raised Funds." The proposal agreed to adjust the investment scale and expand the production capacity of the fundraising project "Ding'an 10,000-ton Food Raw Material Project," and to change its name to "Ding'an 18,000-ton Food Raw Material Project" (hereinafter referred to as the "Fundraising Project"). This involves changing the use of some of the raised funds, transferring 1,200 million yuan originally intended for the "Cangnan 30,000-ton Concentrated Dairy Product Production Project" to the "Ding'an 18,000-ton Food Raw Material Project," and increasing capital by 1,200 million yuan to Hainan Yeda Food Technology Co., Ltd. (hereinafter referred to as "Hainan Yeda"), a wholly-owned subsidiary and one of the implementation entities of this fundraising project, to increase investment in this fundraising project. The sponsor institution has expressed its clear agreement on this matter, which is subject to the approval of the Company's second extraordinary general meeting of shareholders in 2026. The relevant situation is hereby announced as follows:
I. Basic Situation of Raised Funds
With the approval of the China Securities Regulatory Commission's "Approval on the Registration of Panda Milk Products Group Co., Ltd.'s Initial Public Offering of Stocks" (Zhengjian Xu Ke [2020] No. 2130) and the Shenzhen Stock Exchange's "Notice on the Listing of Panda Milk Products Group Co., Ltd.'s Ordinary Shares on the ChiNext Market" (Shenzhen Shang [2020] No. 937), the Company publicly issued 31 million shares of RMB ordinary shares (A shares) in October 2020, with an issue price of 10.78 yuan per share. The total amount of raised funds was 334.18 million yuan. After deducting issuance expenses of 56.38 million yuan according to relevant regulations, the net amount of raised funds was 277.80 million yuan. These raised funds were received in October 2020. The receipt of these funds has been verified by the "Capital Verification Report" (Rongcheng Yan Zi [2020] No. 201Z0025) issued by Rongcheng Certified Public Accountants (Special General Partnership).
To standardize the management and use of raised funds, the Company, in accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," and the "ChiNext Stock Market Listing Rules of the Shenzhen Stock Exchange," and in combination with the Company's actual situation, has formulated the "Raised Funds Management System." According to the provisions of the aforementioned system, the Company has established special accounts for raised funds, ensuring that funds are used for their intended purposes. The Company has also signed a "Tripartite Supervision Agreement for Raised Funds" with the sponsor institution and the bank where the raised funds are deposited, strictly adhering to the regulations for the use of raised funds.
According to the disclosed uses of raised funds in the "Prospectus of Panda Milk Products Group Co., Ltd. for the Initial Public Offering of Stocks on the ChiNext Market," after deducting issuance expenses, the Company will invest the raised funds in the following projects based on priority: