Benli Technology adjusts the use of raised funds; the total investment in two projects has changed by over 140 million yuan, and the R&D center construction period has been extended.

MaticHoleFiller · 2026-04-09T17:27:12+00:00

Zhejiang Benli Technology Co., Ltd. announced that the investment total and purpose of some fundraising projects have been adjusted, and the R&D center construction has been postponed by one year. Among them, the DCAC project investment decreased by 13.13 million yuan, and the HMP project investment increased by 49.14 million yuan, both with good expected economic benefits.

MaticHoleFiller

2026-04-09 17:27:12

Abstract generation in progress

On March 31, Zhejiang Benli Technology Co., Ltd. (Stock Code: 301065, Stock Abbreviation: Benli Technology) announced that the company’s 12th meeting of the 4th Board of Directors approved the proposal regarding changes to the use of some raised funds, adjustments to the total investment amount, and postponement of some fundraising projects. According to the announcement, the company will adjust the purposes and investment amounts of two fundraising projects, and extend the completion date of the R&D center construction project by one year.

Basic Information on Raised Funds

Benli Technology completed its initial public offering in September 2021, raising a total of 751.4 million yuan. After deducting issuance costs, the actual net funds raised were 192837465657483.91T yuan. As of February 28, 2026, the company’s use of raised funds is as follows:

No.	Project Name	Investment Amount	Proposed Use of Raised Funds	Funds Used	Implementation Entity
1	Technological upgrade and new construction of acrylic ester products based on CO carbonylation reaction and the 2,4-dichloro-5-fluorobenzoyl chloride project	162.2177 million	143.4396 million	79.4308 million	Benli Technology
2	Technological upgrade and capacity expansion of 2,4-dichloro-5-fluorobenzoyl chloride and new projects for Norfloxacin and Uracil	145.6092 million	145.1221 million	111.1843 million	Benli Technology
3	R&D center construction project	137.5316 million	137.5316 million	5.44 million	Linhai Benli
4	Supplementary operating funds	50 million	50 million	50 million	Benli Technology
5	Permanent supplementary working capital	60 million	60 million	60 million	Benli Technology
6	Purchase of land use rights and preliminary infrastructure for wholly-owned subsidiaries	147.1619 million	147.1619 million	127.4655 million	Linhai Benli
Total	702.5204 million	683.2552 million	433.5224 million

Adjustment of Two Major Projects: One Decreases, One Increases Investment Total

Project 1: Investment reduced by 13.13 million yuan, product direction changed

The company has decided to modify the use of some raised funds for the project “Technological upgrade and new construction of acrylic ester products based on CO carbonylation reaction and the 2,4-dichloro-5-fluorobenzoyl chloride project.” The total investment amount for this project is adjusted from 162.2177 million yuan to 149.0848 million yuan, a reduction of 13.1329 million yuan, while the amount of funds used remains unchanged.

The main adjustment is changing the originally planned new “12,000-ton 2,4-dichloro-5-fluorobenzoyl chloride production line” to a “5,000-ton dichloroacetyl chloride (DCAC) product line.” The new project is expected to reach operational readiness by June 30, 2027.

Project 2: Investment increased by 49.14 million yuan, addition of HMP product

The company also decided to modify the use of some raised funds for the project “Technological upgrade and capacity expansion of 2,4-dichloro-5-fluorobenzoyl chloride and new projects for Norfloxacin and Uracil.” The total investment amount is adjusted from 145.6092 million yuan to 194.7511 million yuan, an increase of 49.1419 million yuan, with the funds used remaining unchanged.

The main adjustment is changing the originally planned new “500-ton uracil production line” to an “1,800-ton 1-methyl-5-hydroxypyrazole (HMP) production line.” The new project is expected to be operational by March 31, 2027.

Project	Before Change	After Change
Implementation Content	Technological renovation on the old 1201 product line, expanding capacity by 3,000 tons, forming a continuous production line of 8,203 tons/year of 1201 product, and building new lines for 1,000 tons of Norfloxacin and 500 tons of Uracil in the new workshop	Technological renovation on the old 1201 product line, expanding capacity by 3,000 tons, forming a continuous production line of 8,203 tons/year of 1201 product, and building new lines for 1,000 tons of Norfloxacin and 1,800 tons of HMP in the new workshop
Product Output and Capacity	3,000 tons of 1201 product, 1,000 tons of Norfloxacin, 500 tons of Uracil	3,000 tons of 1201 product, 1,000 tons of Norfloxacin, 1,800 tons of HMP
Investment Total	145.6092 million yuan	194.7511 million yuan
Expected Operational Readiness Date	1201 product upgrade completed by December 31, 2023; Norfloxacin new project by April 30, 2025; Uracil new project by April 30, 2026	1201 product upgrade completed by December 31, 2023; Norfloxacin new project by April 30, 2025; HMP new project by March 31, 2027

Delay of the R&D Center Construction Project by One Year

The announcement states that the “R&D center construction project” will have its expected operational readiness date postponed from June 30, 2026, to June 30, 2027. The company explained that the delay is due to the overall construction progress of the new plant area and supporting projects, which affected the overall schedule of the R&D center.

No.	Project Name	Original Expected Date (	Revised Expected Date )
1	R&D center construction project	June 30, 2026	June 30, 2027

Prospects for New Projects’ Economic Benefits

According to feasibility studies, both adjusted new projects are expected to have good economic benefits:

New fundraising project 1 (DCAC project): Estimated average annual revenue of 111.4565 million yuan, with an after-tax annual profit of 26.0349 million yuan, and a static internal rate of return (IRR) after tax of 18.49%. The payback period is 8.13 years, including construction period.
New fundraising project 2 (HMP project): Estimated average annual revenue of 209.7515 million yuan, with an after-tax annual profit of 44.6471 million yuan, and an IRR after tax of 25.95%. The payback period is 7.31 years, including construction period.

The company stated that these adjustments to the use of some raised funds, the change in total investment, and the postponement of some projects are prudent decisions made in response to market environment changes and its own development strategy. These measures aim to optimize the allocation of raised funds, ensure the smooth progress of projects, and improve overall capital utilization.

This matter still requires approval at the company’s 2026 first extraordinary general meeting. The company will perform relevant filing and approval procedures after the shareholders’ approval. China Great Wall Securities, the sponsor, issued an unqualified verification opinion on this matter.

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