Sichuan Crun Co Ltd

Chuanrun Shares convened the eleventh meeting of its seventh board of directors on September 28, approving an adjustment to its 2026 plan for issuing A-shares to specific targets. The total funds to be raised were lowered from no more than 950 million yuan to no more than 514.97 million yuan, a reduction of 435.03 million yuan, or about 45.8 percent. The energy storage power station and energy storage system integration construction project, which was originally planned to receive 270.62 million yuan, has been cancelled in its entirety. The investment amount for the liquid cooling system capacity expansion and key component industrialization construction project remains unchanged at 397.58 million yuan, while supplementary working capital has been reduced from 281.80 million yuan to 117.39 million yuan. The company said the adjustment was made within the scope authorized by the second extraordinary shareholders' meeting of 2026, in order to further focus on the liquid cooling strategic business and to improve the efficiency of the use of raised funds in light of business progress and implementation priorities.

Chuanrun Shares' application to issue shares to specific investors has been formally accepted by the Shenzhen Stock Exchange. The total amount to be raised is capped at 950 million yuan, with funds primarily directed toward liquid cooling industrialization and energy storage system projects. According to the draft prospectus, 398 million yuan will be invested in the liquid cooling system capacity expansion and key component industrialization construction project, 271 million yuan in the energy storage power station and energy storage system integration construction project, and the remaining 282 million yuan will be used to supplement working capital. The company's operating revenue from 2023 to 2025 was 1.664 billion yuan, 1.597 billion yuan, and 1.75 billion yuan respectively. Net profit attributable to the parent company has been in loss for three consecutive years, with the loss narrowing to 24.9142 million yuan in 2025, but the loss in the first quarter of this year widened to 30.8778 million yuan. The number of shares to be issued in this offering will not exceed 145.5 million shares, and the offering targets no more than 35 qualified specific investors. The issue price will be determined through a market-based inquiry process. The matter still requires review by the Shenzhen Stock Exchange and approval for registration from the China Securities Regulatory Commission before implementation.