Meihu Co. planea ajustar el uso de 80 millones de yuanes en fondos recaudados, enfocándose en el negocio de bombas electrónicas para energías nuevas y extendiendo el ciclo de construcción del proyecto de motores

Beijing, April 2, 2026 — Hunan Meihu Intelligent Manufacturing Co., Ltd. (Stock code: 603319, abbreviation: “Meihu Shares”) today announced that it plans to adjust certain raised-fund investment projects. The raised-fund input for the “High-efficiency Energy-saving Brushless Motor Project” will be reduced from 161M元 to 81M元. The reduced 80M元 will be used for the “Smart Manufacturing Project for 3.5 Million New Energy Electronic Pumps per Year.” At the same time, the company has decided to extend the construction period of the “High-efficiency Energy-saving Brushless Motor Project” by two years. The expected date for reaching the condition of being ready for use will be postponed from April 2026 to April 2028. This change still needs to be submitted to and approved by the company’s shareholders’ meeting.

Current Use of Raised Funds: Electronic Pump Project Progress Leads

According to the disclosure in the announcement, as of February 28, 2026, out of the 570.56 million yuan raised from the company’s 2024 issuance of convertible bonds, Meihu Shares has累计投入 388.25 million yuan, and the overall investment progress is 68.05%. The specific investment for each project is as follows:

Among them, the new energy electronic pump project has the fastest progress, with the investment proportion already reaching 95.73%, and the main construction works have been completed. By contrast, the investment progress of the high-efficiency energy-saving brushless motor project is only 24.47%, making it the main target of this adjustment.

Adjustment of Fund Use: Focusing on Core Business Synergy Development

The announcement shows that the core reason for this adjustment is that, during the implementation of the electronic pump project, production processes were optimized. Some electronic pump products require built-in motor assembly, so additional investment related to motor production is needed. After the adjustment, the raised-fund investment for the electronic pump project will increase from 215M元 to 295M元 (the investments by the parent company and Meihu Changsha, respectively, will be adjusted from 193.5M元 and 21.5M元 to 233.5M元 and 61.5M元). Meanwhile, the raised-fund investment for the motor project will decrease from 161M元 to 81M元 (the investments by the parent company and the subsidiary, respectively, will be adjusted from 64.4M元 and 96.6M元 to 24.4M元 and 56.6M元).

It is worth noting that the planned production capacity for the motor project will be reduced from 4 million units to 1.5 million units. The reduced 2.5 million units of capacity will directly support the electronic pump project, thereby achieving synergy across the industrial chain. The company states that this move aims to “make the management of the raised-fund projects better align with actual production and operating conditions.”

Project Postponement: Ensuring Construction Quality and Market Promotion

Regarding the decision to postpone the motor project by two years, Meihu Shares explains that since the raised funds arrived in April 2024, the project has added implementation entities and locations. In addition, affected by product delivery cycles and market promotion progress, the related products are still in the market promotion stage. In order to “ensure the construction quality and benefits of the project,” the company decided to prudently adjust the implementation schedule.

Market Impact and Regulatory Developments

This adjustment has been deliberated and approved by the company’s board of directors and the audit committee. The change still requires approval by the shareholders’ meeting. The sponsor institution believes that this adjustment “is consistent with the project’s objective circumstances and is beneficial to promoting the implementation of the raised-fund projects,” and has no objection to the postponement matters. The company emphasizes that the adjustment will not have a material adverse impact on normal operations and also does not involve any situation that would damage shareholders’ interests.

As a supplier of core components for new energy vehicles, Meihu Shares’ measures in this instance—focusing on the electronic pump business and optimizing capacity allocation—may strengthen its competitive position in the new energy industry chain. The market will continue to monitor the implementation progress after the project adjustments and their actual impact on the company’s performance.

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Responsible editor: Xiao Lang Express