Stock Abbreviation: Runyang Technology
Stock Code: 300920
Zhejiang Runyang New Material Technology Co., Ltd.
(No. 9 Changxing Avenue, Lijiaxiang Town, Changxing County, Huzhou City, Zhejiang Province)
2026 Analysis Report on the Feasibility of Issuing Shares to Specific Objects Through Simplified Procedures
June 2026
Zhejiang Runyang New Material Technology Co., Ltd. (hereinafter referred to as "Runyang Technology" or "the Company") proposes to issue shares to specific objects through simplified procedures to meet the capital needs of the Company's business development, further enhance its capital strength, core competitiveness, and sustainable development capabilities. The total amount of capital to be raised shall not exceed RMB 236 million (inclusive). In accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Administrative Measures for the Registration of Securities Issuances by Listed Companies," and other relevant laws, regulations, and normative documents, the Company has compiled this analysis report on the feasibility of issuing shares to specific objects through simplified procedures.
Unless otherwise specified in this report, the terms used herein have the same meaning as defined in the "Pre-plan for Issuing Shares to Specific Objects Through Simplified Procedures in 2026."
I. Plan for the Use of Raised Funds
The total amount of funds to be raised in this issuance shall not exceed RMB 23,600.00 million (inclusive). After deducting relevant issuance expenses, the net amount of raised funds is intended to be invested in the following projects:
| Item | Project Name | Total Project Investment (RMB million) | Raised Funds to be Invested (RMB million) |
|---|---|---|---|
| 1 | Technical upgrade project for 8,000 tons/year of supercritical microporous foamed materials | 22,000.00 | 21,300.00 |
| 2 | Supplement working capital | 2,300.00 | 2,300.00 |
| Total | 24,300.00 | 23,600.00 |
Before the raised funds are in place, the Company will arrange for advance investment using its own funds, bank loans, or other means based on project progress and capital demand. Upon the availability of the raised funds, the Company will reimburse the advance investment in accordance with the procedures stipulated by relevant laws and regulations. If the net amount of raised funds from this issuance is insufficient to cover the aforementioned expenses, the shortfall will be resolved through self-raised funds.
II. Background and Objectives of This Issuance
(I) Background of This Issuance
1. Policy Guidance and Consumption Upgrade Shaping a New Industrial Ecosystem
Driven by the national "dual carbon" strategy, the foamed materials industry is undergoing profound transformation. With the official implementation of the "15th Five-Year Plan for National Economic and Social Development," coupled with the "Implementation Plan for High-Quality Development of Energy-Saving Equipment (2026-2028)," the "15th Five-Year Plan for New Material Industry Development," and the "Law of the People's Republic of China on Ecological Environment," top-level designs, special policies, and legal safeguards are increasingly integrated. The green transformation of the industry has entered a period of accelerated development. New environmentally friendly foamed materials are building market competitiveness through technological innovation, characterized by low emissions during production and low pollution during use. The "ecological premium" effect arising from awakened green consciousness on the consumer side and carbon footprint management on the corporate side create a dual empowerment. This dual-wheel drive of policy guidance and market choice is reshaping the path of sustainable development in the industry and accelerating the formation of a new industrial ecosystem led by low-carbon technology.