Hangzhou Chuhuan Science & Technology Co. Ltd. A

Chuhuan Technology announced after market close on September 18 that its third board of directors' ninth meeting approved a proposal to delay some of its IPO-funded projects. The production line for exhaust gas treatment equipment has been postponed from September 20, 2026 to September 20, 2027, and the technology R&D center and information collaboration platform construction project has been postponed from October 12, 2026 to October 12, 2028. This marks the fourth consecutive year of delays for these two major IPO projects since the company listed in July 2022, with the original plan targeting completion in 2023 and the R&D project now pushed back to 2028 at the latest. As of June 30, 2026, the exhaust gas treatment project had accumulated investment of approximately 105 million yuan, reaching 62.43% progress, while the collaboration platform project had accumulated investment of 31.17 million yuan, reaching 43.52% progress. The company listed on the main board of the Shenzhen Stock Exchange on July 25, 2022, raising net IPO proceeds of approximately 383 million yuan, of which the exhaust gas treatment project had a total investment of approximately 168 million yuan and the collaboration platform project approximately 72 million yuan. In terms of operations, the company achieved revenue of approximately 156 million yuan in the first half of 2026, up 33.57% year-on-year, with net profit attributable to shareholders of the listed company of 17.08 million yuan, up 28.59% year-on-year. However, net cash flow from operating activities was negative 7.38 million yuan, down 155.37% year-on-year.