Huitai Medical's 59.19 million yuan fundraising project surplus funds are permanently replenished; two projects postponed until the end of 2027

【Shenzhen News】Shenzhen Huichain Medical Devices Co., Ltd. (Securities code: 688617, Securities abbreviation: Huichain Medical) announced on March 24 that the company has decided to complete the two fund-raising projects, the “Development Project for Vascular Interventional Medical Devices” and the “Development Project for a New Electrophysiology Ablation Mapping System,” and to permanently supplement working capital with the remaining raised funds of RMB 59.18.97 million. At the same time, the company announced that it will extend the “Peripheral Vascular Interventional Project” and the “Smart Manufacturing Base and Testing Center Project.”

The announcement shows that both of the above completed projects have been finished and have reached their planned state of usability. Among them, the “Development Project for Vascular Interventional Medical Devices” committed RMB 12,924.44 million in raised funds, with actual usage of RMB 12,926.97 million and a balance of RMB 1.12 million; the “Development Project for a New Electrophysiology Ablation Mapping System” committed RMB 14,111.00 million in raised funds, with actual usage of RMB 8,742.18 million and a balance of RMB 5,917.85 million. The two projects combined have a total remaining balance of RMB 59.18.97 million.

The company stated that the remaining funds mainly come from three aspects: first, there are contract tail payments and quality assurance deposits that have not yet been paid under the projects; second, the company strictly controlled costs and optimized resource allocation during project implementation; third, investment returns obtained from cash management of idle raised funds and interest income from funds held in dedicated accounts.

To improve the efficiency of capital use, the company plans to use all of the above remaining funds for permanent working capital replenishment, and will use its own funds to pay when the relevant tail payments meet the payment conditions. After the funds are transferred out, the company will handle the account cancellation procedures for the relevant raised funds special accounts.

Regarding the postponement of the fund-raising projects, the company decided to extend the date for the “Peripheral Vascular Interventional Project” to reach the planned state of usability from the original schedule of December 2025 to December 2027, and to extend the “Smart Manufacturing Base and Testing Center Project” from April 2026 to December 2026.

It is understood that the postponement of the “Peripheral Vascular Interventional Project” is mainly affected by factors including fluctuations in the supply chain of core raw materials, the cycle for tackling key process technologies exceeding expectations, and the need for multiple optimizations of the animal experiment方案. As of December 31, 2025, the project had累计投入 raised funds of RMB 3,195.20 million, and the balance of raised funds was RMB 3,649.53 million.

The postponement of the “Smart Manufacturing Base and Testing Center Project” is because a planning adjustment was made to the project in August 2025, and some factory building floors were added, causing the implementation progress to exceed the original plan. As of February 28, 2026, the project’s raised funds of RMB 5,965.4 million had been fully used.

The company emphasized that this completion and extension of the fund-raising projects is a prudent decision made based on the actual circumstances of the projects, will not have any adverse impact on the company’s normal operations, and there is no situation of effectively changing the use of raised funds.

This proposal was approved on March 23, 2026, at the company’s third session of the board of directors’ fourth meeting. The sponsor, Citic Securities, has no objection to the above matters.

Overview of the use of raised funds:

Huichain Medical stated that the supplementation of working capital with the remaining raised funds in this instance will help improve the efficiency of capital use, reduce financial expenses, and meet the company’s subsequent development funding needs, and it is consistent with the interests of the company and all shareholders. The company will closely monitor changes in the direction of industry development and the market environment, optimize resource allocation, and ensure that the extended projects are completed on schedule.

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