Linuo Medicine Kit: Announcement on the postponement of some investment projects raised by the initial public offering and convertible bond investment projects
Securities Code: 301188 Securities Abbreviation: Linuo Medicine Pack Announcement Number: 2025-126 Bond Code: 123221 Bond Abbreviation: Linuo Convertible Bonds
Shandong Linuo Pharmaceutical Packaging Co., Ltd.
Announcement on the postponement of some investment projects raised by the initial public offering and convertible bond investment projects
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete, and that there are no false records, misleading statements or major omissions.
Shandong Linuo Pharmaceutical Packaging Co., Ltd. (hereinafter referred to as the "Company") held the 17th meeting of the fourth session of the Board of Directors on December 23, 2025, and reviewed and approved the "Proposal on the Extension of Partial Investment Projects Raised by Initial Public Offerings and Convertible Bonds Raised Investment Projects". It was agreed that the company will maintain the implementation entity, total investment and purpose of funds of the raised capital investment project (hereinafter referred to as the "raised investment project") according to the current actual construction progress of the raised capital investment project. The time it takes for the "High Borosilicate Glass Production Project for Optical Lenses" and the "Lightweight Pharmaceutical Molded Glass Bottle (Class I) Industrialization Project" to reach the scheduled usable state has been extended. The specific situation is as follows:
1. Basic information on raising funds
(1) Basic information on funds raised through initial public offering
According to the China Securities Regulatory Commission’s “Reply on Approving the Registration of the Initial Public Offering of Shandong Linuo Special Glass Co., Ltd.” (CSRC License [2021] No. 3022), the company’s initial public offering of 58,109,777 RMB ordinary shares (A shares), with a par value of RMB 1.00 per share, an issue price of RMB 13.00 per share, and a total of 75,542.71 raised funds. Ten thousand yuan, after deducting the underwriting sponsorship fee (excluding tax) of 50.3256 million yuan and other related issuance expenses (excluding tax) of 20.2126 million yuan, the actual net amount of funds raised was 684.8889 million yuan.
Dahua Accounting Firm (Special General Partnership) verified the receipt of the raised funds and issued the Dahua Yanzi [2021] 000736 "Capital Verification Report" on November 9, 2021, confirming that all the raised funds had been received on November 8, 2021.
The funds raised from the company's initial public offering of stocks, after deducting issuance expenses, are invested in the following projects:
No. Project name Total project investment (RMB 10,000) Investment amount of raised funds (RMB 10,000) 1 Neutral borosilicate medicinal glass production expansion project 33,145.36 33,145.36 2 High borosilicate glass production technical transformation project 20,810.34 20,750.98 2.1 High borosilicate glass product production project with an annual output of 9,200 tons 5,154.40 5,095.04
2.2 High borosilicate glass production project for LED optical lenses 8,937.48 8,937.48
2.3 Lightweight borosilicate glassware production project 6,718.46 6,718.46
Total 53,955.70 53,896.34 In addition, the company’s initial public offering of stocks was over-raised. The investment projects of the over-raised funds are as follows:
On December 10, 2021, the company held the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors, and reviewed and approved the "Proposal on Using Part of the Over-raised Funds to Permanently Supplement Working Capital", and agreed that the company would use 43 million yuan of over-raised funds to permanently supplement working capital. For details, please refer to the company's announcement on December 13, 2021 The "Announcement on Using Part of the Super Raised Funds to Permanently Replenish Liquidity Capital" (Announcement Number: 2021-007) was disclosed on the Juchao Information Network (http://www.cninfo.com.cn). The company's first extraordinary shareholders' meeting of 2021 held on December 28, 2021 reviewed and approved the above matters.
On March 23, 2022, the company held the sixth meeting of the third board of directors and the sixth meeting of the third board of supervisors and reviewed and approved the "Proposal on Using Part of the Super Raised Funds to Invest in the Construction of Lightweight Thin-Wall High-End Medicinal Glass Bottle Project" and the "Proposal on Using Part of the Super Raised Funds to Invest in the Construction of an All-Electric Intelligent Medicinal Glass Production Line Project", agreeing that the company will use the super raised funds of RMB 3,003.96 RMB 10,000 was invested in the lightweight thin-walled high-end medicinal glass bottle project, and RMB 11.705 million of super-raised capital was used to invest in the all-electric smart medicinal glass production line project. For details, please refer to the "Announcement on Using Part of the Super Raised Funds to Invest in Construction Projects" disclosed by the company on the cninfo.com (http://www.cninfo.com.cn) on March 24, 2022 (announcement number: 2022-006).
On October 17, 2022, the company held the 11th meeting of the third board of directors and the 11th meeting of the third board of supervisors and reviewed and approved the "Proposal on Using Super Raised Funds to Invest in the Construction of the "M2 Lightweight Medicinal Molded Glass Bottle (Class I) Project"", and agreed that the company will use 60 million yuan of super raised funds to build M2 Lightweight Medical Glass Bottle.
Quantification of medicinal molded glass bottles (Category I) project. For details, please refer to the "Announcement on the Use of Super-raised Funds to Invest in Construction Projects" disclosed by the company on the cninfo.com (http://www.cninfo.com.cn) on October 18, 2022 (announcement number: 2022-062). The company's third extraordinary shareholders' meeting of 2022 held on November 3, 2022 reviewed and approved the above matters.
(2) Basic information on raising funds by issuing convertible corporate bonds to unspecified objects
With the approval of the China Securities Regulatory Commission's "Reply on the Registration of Shandong Linuo Special Glass Co., Ltd.'s Issuance of Convertible Corporate Bonds to Unspecified Objects" (CSRC License No. 2023) 1629, the company issued 5,000,000 convertible corporate bonds to unspecified objects, with a face value of RMB 100.00 each, and the total amount raised was RMB 500,000,000.00. Yuan (including issuance expenses), the net amount of funds raised after deducting issuance expenses (excluding tax) was RMB 491,444,687.66. Guolian Minsheng, as the sponsor (lead underwriter) of this issuance, has transferred the balance of the raised funds minus underwriting fees to the company's designated account on August 29, 2023. Dahua Accounting Firm (Special General Partnership) has transferred the balance to the company's designated account on August 29, 2023. On the same day, the above-mentioned funds were reviewed and the "Verification Report on the actual receipt of funds raised by Shandong Linuo Special Glass Co., Ltd. from the issuance of convertible corporate bonds to unspecified objects" (Dahua Yanzi [2023] No. 000529) was issued.
The funds raised by the company from issuing convertible corporate bonds to unspecified objects are invested in the following projects:
Serial number Project name Total project investment (10,000 yuan) Investment amount of raised funds (10,000 yuan)
Lightweight medicinal molded glass bottles (Class I) industrialization project
1 64,187.27 50,000.00 mesh
Total 64,187.27 50,000.00
(3) Changes in the use of part of the proceeds raised from the issuance of convertible corporate bonds to unspecified objects
The company held the twelfth meeting of the fourth board of directors and the eleventh meeting of the fourth board of supervisors on August 19, 2025, as well as the second extraordinary shareholders' meeting of 2025 on September 5, 2025 and The first bondholders meeting in 2025 reviewed and approved the "Proposal on Changing the Use of Part of the Raised Funds", agreeing that the company will change the use of part of the raised funds in light of the current development needs and the company's overall business development layout, and change the use of 154 million yuan of part of the raised funds of the "Lightweight Medicinal Molded Glass Bottle (Class I) Industrialization Project". The new investment projects invested are as follows:
Serial number Project name Total project investment (10,000 yuan) Raised capital investment (10,000 yuan) 1 Acquisition of 30% equity of Chuangyang shares 8,400.00 8,400.00
2 Linuo Pharmaceutical Packaging Phase III High-end Pharmaceutical Packaging Material Project Phase II 38,337.25 7,000.00
——No-rinse and no-sterilization (RTU) pharmaceutical packaging materials and pre-
Potting syringe industrialization project
Total 46,737.25 15,400.00
2. Actual use of raised funds
(1) Actual use of funds raised from initial public offering
As of November 30, 2025, the company had used a total of 617.2309 million yuan of raised funds (including 129.3337 million yuan of permanent supplementary working capital). From the time the raised funds were in place to November 30, 2025, it had received interest income of 20.6421 million yuan. As of November 30, 2025, the actual balance of unused initial public offering raised funds was 8,830.01 yuan. Ten thousand yuan, of which RMB 70 million has not yet been returned to the special account for raised funds for cash management, and RMB 3.6566 million is a deposit, of which RMB 14.6435 million is deposited in the special account for raised funds.
The actual investment status of each investment project with funds raised from the initial public offering is as follows:
The project reaches the pre-raised fund commitment. The cumulative investment as of the date
As of the date of investment, the certificate can be used. The name of the investment project that can be used is determined. Total investment (ten thousand yuan). Amount of investment (ten thousand yuan).
Status date (date of adjustment (date of adjustment)) (unaudited)
Before finishing) After finishing) Annual output of 9,200 tons of high borosilicate
5,095.04 2,374.13 46.60% Closed -Glass product production project
Lightweight borosilicate glass
6,718.46 4,279.73 63.70% Closed - Equipment production project
Neutral borosilicate pharmaceutical glass December 2025
33,145.36 31,635.63 95.45%
Expansion project 31st
LED optical lens height December 2025 December 2026 8,937.48 3,129.10 35.01%
Borosilicate glass production project March 31 Lightweight, thin-walled, high-grade medicinal
3,003.96 2,346.46 78.11% Closed -Glass bottle project
All-electric smart medicinal glass
1,170.50 767.42 65.56% Closed -Production line project
M2 lightweight medicinal mold
6,000.00 4,257.25 70.95% Closed - Bottle making (Category I) project
Total 64,070.80 48,789.72 - - -
(2) Actual use of funds raised from the issuance of convertible corporate bonds to unspecified objects
As of November 30, 2025, the company had used a total of 275.4324 million yuan of raised funds. From the time the raised funds were received to November 30, 2025, it received interest income of 14.9697 million yuan. As of November 30, 2025, the actual balance of unused raised funds was 230.982 million yuan, of which 90 million yuan has not been returned to the cash management of the raised funds special account, and 43.5368 million yuan of margin was deposited in the raised funds special account of 97.4452 million yuan.
The actual investment situation of each project raised by issuing convertible corporate bonds to unspecified objects is as follows:
The project reaches the pre-raised fund commitment. The cumulative investment as of the date
As of the date of investment, the certificate can be used. The name of the investment project that can be used is determined. Total investment (ten thousand yuan). Amount of investment (ten thousand yuan).
Status date (date of adjustment (date of adjustment)) (unaudited)
Before plastic surgery) After plastic surgery) Lightweight medicinal molded glass
December 2025 2026 12 bottles (Class I) industrialization 33,744.47 14,590.34 43.24%
31st month 31st day
Project
Acquired 30% of Chuangyang shares
8,400.00 8,400.00 100% Completed
Equity
Linuo medicine pack phase 3 high-end
Medicinal packaging material project phase II
——No cleaning and no sterilization September 2027
7,000.00 4,552.90 65.04%
(RTU) Medicinal packaging materials and 30 days
Prefilled syringe industry
chemical projects
Total 49,144.47 27,543.24 - - -
3. Reasons for the postponement of this fundraising project
(1) Reasons for the postponement of some investment projects raised by the initial public offering
In recent years, the new energy vehicle industry has grown rapidly, but the competition has also become increasingly fierce. Based on considerations such as improving product competitiveness, reducing costs and increasing efficiency, automobile manufacturers have significantly lowered the unit price of upstream spare parts procurement. At the same time, upstream spare parts manufacturers are required to provide personalized and customized optical lens products. For example, automobile headlights tend to be miniaturized, matrix-type, flattened, and light in weight, resulting in small batches and multi-batch product orders. Frequent switching of product orders affects the company's large-scale production advantages. In order to match the changes in downstream market demand, improve the efficiency of the use of raised funds, and reduce production costs, the company has slowed down the investment progress of raised investment projects, and has organized a technical team to tackle key technical issues and optimize the process flow.
The company carefully considered the current economic environment, industry development status, the actual situation of the company and the needs of downstream customers, and timely controlled the investment pace during the implementation of the raised investment project "High Borosilicate Glass Production Project for LED Optical Lenses", and carefully carried out the implementation of the raised investment projects and investment decisions of raised funds to ensure the safe, reasonable and efficient use of raised funds. Therefore, the project investment progress was not as expected. In order to better protect the rights and interests of all shareholders, the company plans to extend the construction period of the "High Borosilicate Glass Production Project for LED Optical Lenses" to 2026 December 31st.
(2) Reasons for the postponement of the investment project of issuing convertible corporate bonds to unspecified objects
Because the "Lightweight Medicinal Molded Glass Bottle (Class I) Industrialization Project" involves the decoration and completion acceptance of part of the supporting construction projects of the site, it will still take some time. At the same time, the company carefully considered the current economic environment, industry development status and the actual situation of the company, and timely controlled the investment pace during the implementation of the fundraising project "Lightweight Medicinal Molded Glass Bottle (Class I) Industrialization Project" and conducted the fundraising project prudently. Purpose implementation and investment decisions of raised funds are to ensure the safe, reasonable and efficient use of raised funds. Therefore, the project investment progress is not as expected. In order to ensure the quality of the raised investment projects and safeguard the interests of the company and all shareholders, combined with the current implementation progress of the raised investment projects, after careful study, the company plans to extend the construction period of the "Lightweight Pharmaceutical Molded Glass Bottle (Class I) Industrialization Project" to December 2026. March 31st.
4. Re-evaluation of fundraising projects
According to the relevant provisions of the Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 2 - Standardized Operation of GEM Listed Companies, if a raised-fund investment project exceeds the completion period of the raised-fund investment plan and the amount of raised-fund investment does not reach 50% of the relevant planned amount, or if the raised-fund investment project is put on hold for more than one year, the listed company shall re-evaluate the feasibility, expected income, etc. of the relevant raised-investment project and decide whether to continue to implement the project. Therefore, the company re-evaluated the "High Borosilicate Glass Production Project for LED Optical Lenses" and "Lightweight Pharmaceutical Molded Glass Bottle (Class I) Industrialization Project".
(1) Feasibility and necessity of project construction
- High borosilicate glass production project for LED optical lenses
(1) Necessity of project implementation
From January to November 2025, announcements officially released by the China Association of Automobile Manufacturers and the National Bureau of Statistics showed that China's total output of new energy vehicles was 14.907 million units, a year-on-year increase of 31.4%; sales were 14.78 million units, a year-on-year increase of 31.2%. Traditional plastic lenses are prone to deformation under high temperature and hot and cold cycle environments, resulting in light spot deviation and excessive glare. Some products cannot meet the mandatory requirements for vehicle light safety under the new GB4599-2024 national standard due to insufficient heat resistance.
Compared with traditional soda-lime glass, high borosilicate glass has very obvious advantages in thermal shock resistance and light transmission efficiency. It is one of the mainstream high-end alternative materials for high-end LED lenses. The market space is gradually migrating from traditional lighting to automotive-grade high value-added fields. According to preliminary estimates, the value of the single lighting system of new energy vehicles is 30%–50% higher than that of traditional fuel vehicles. Intelligent LED headlights, through-type taillights, dynamic turn signals, etc. have become standard equipment, directly driving the demand for high-performance optical materials. The market for high borosilicate glass projects for optical lenses has broad development space. Through the implementation of this project, the company's product categories can be broadened, the company's new product application scenarios can be created, and the market demand can be better met. The industrialization of new products based on the company's technical strength can accelerate the transformation of results, thereby ensuring the company's long-term sustainable development.
(2) Feasibility of project implementation
At the industry level, the continuous increase in the penetration rate of new energy vehicles, as well as the implementation of national policies on new energy vehicles and car lighting systems, have clearly strengthened core requirements such as heat resistance and stability of car light lenses, forcing companies to transform into high-reliability optical materials, which provides market development opportunities for the company's LED automotive glass lens projects. The company is positively driven by industry development trends, and under the active guidance of smart car lighting upgrades, it can smoothly accelerate the expansion of LED automotive glass lens projects and enhance the company's core competitiveness in the field of automotive-grade optical materials.
At the technical level, the company has a leading market position in the field of high borosilicate heat-resistant glass. After decades of technology accumulation, it has good technical strength and established a mature R&D system, which can provide technical support for the smooth implementation of this project.
At the management level, after decades of hard exploration and continuous development, the company has formed an effective management mechanism, which will help ensure and improve the quality of products related to this project, ensure the applicability and reliability of related products, improve market and customer satisfaction, thereby ensuring the smooth implementation of this project.
At a strategic level, the implementation of this project is in line with the company's strategic vision of "focusing on pharmaceutical packaging and heat-resistant glass, and becoming a leader in new markets." The project can expand the company's product categories, better meet market demand, and help enhance the company's core competitiveness in the heat-resistant glass market segment.
- Industrialization project of lightweight medicinal molded glass bottles (Class I)
(1) Necessity of project implementation
As the aging of my country's population gradually accelerates, domestic health care consumption expenditures increase year by year, and the pharmaceutical industry has broad market growth space. The market size of the medicinal glass industry is expected to grow with the expansion of the market size of the pharmaceutical industry. The "consistency evaluation + centralized procurement" policy has promoted the rapid growth of demand for borosilicate medicinal glass. The products of the company's investment projects are in broad development and have good prospects. Through the implementation of this investment project, the company's medicinal glass product market has expanded to the field of molded bottles, which is conducive to optimizing the company's product structure and R&D pipeline, enriching product categories, expanding the production capacity and sales scale of borosilicate medicinal glass products, consolidating and expanding the company's existing market position, and improving profitability and market competitiveness. Therefore, this investment project responds to national industrial policies, complies with industry development trends, and is in line with the company's positioning and development strategy.
(2) Feasibility of project implementation
This fundraising project is in line with the national pharmaceutical industry policy and belongs to the development and production of neutral borosilicate pharmaceutical glass for new pharmaceutical packaging materials and technologies in the "Industrial Structural Adjustment Guidance Catalog (2024 Edition)", which is a business field that is encouraged to develop; the "Pharmaceutical Industry Development Planning Guide" requires that the focus is on accelerating the conversion of injection packaging from low borosilicate glass bottles to neutral borosilicate glass bottles, which is a business field that should be accelerated.
At the same time, the advancement of drug consistency evaluation, centralized bulk procurement, and related review and approval have promoted the industrial upgrading of medicinal glass, enhanced the stickiness between pharmaceutical packaging materials and new drugs, and driven the upgrade of medicinal glass to medium borosilicate medicinal glass. Therefore, the company needs to accelerate its layout in the field of medium borosilicate medicinal glass, seize industry development opportunities, and further release competitive advantages. The company has a solid foundation and rich experience in technology, personnel, management, market and other aspects, which can ensure the smooth implementation of the project.
To sum up, the implementation of this investment project with raised funds is compatible with the company's existing business scale, technical level and industrial foundation. The company has the professional ability to implement the raised investment project, which is conducive to improving the company's competitiveness and profitability, and the implementation of the project is feasible.
(2) Estimated income of the project
This extension does not involve changes in the investment purpose and investment scale of the raised funds, and will not have a significant impact on the expected income of the raised investment project.
(3) Re-argument the conclusion
The company believes that the feasibility and necessity of the raised investment projects "Production Project of High Borosilicate Glass for LED Optical Lenses" and "Lightweight Medicinal Molded Glass Bottle (Class I) Industrialization Project" have not changed significantly and are in line with the company's long-term strategic planning and business development needs. The company will continue to implement the above raised investment projects and adjust the project implementation period. During the continued implementation, the company will continue to pay attention to changes in market demand, pay close attention to industry development trends, make prudent arrangements for the investment of raised funds, and carry out the construction of raised investment projects in an orderly manner while ensuring the safety and effectiveness of the investment of raised funds.
5. The impact of the adjustment of this fundraising project on the company
This adjustment is a prudent decision made by the company based on the actual progress of the project construction. In the short term, the raised investment project cannot reach the scheduled usable state in time, but in the long term, this adjustment will be more conducive to the company's better use of the raised funds and promote the company's sustainable and healthy development. This adjustment to the implementation progress of the raised funds investment project does not change the content, total investment, implementation entity and location of the project construction. It will not have a significant adverse impact on the company's normal operations, nor will it change or covertly change the investment direction of the raised funds or otherwise harm the interests of shareholders.
6. Implementation review procedures and related opinions
(1) Opinions of the board of directors
After deliberation, the board of directors believes that the postponement of some of the investment projects raised by this initial public offering and the convertible bond investment project is a prudent decision made by the company based on the actual situation of the investment projects, which is in line with the company's actual operating conditions and future development needs, and is conducive to the smooth implementation of the investment projects with raised funds. This project extension only involves changes in project progress and does not affect the implementation content of the investment project with raised funds. It does not change the investment direction and content of raised funds. It will not have a substantial impact on the investment projects with raised funds. There is no disguised change in the investment direction of raised funds and damage to the interests of the company's shareholders. It will not have an adverse impact on the company's operations and financial conditions. Therefore, it was unanimously agreed to postpone some of the company's initial public offering investment projects and convertible bond investment projects.
(2) Review opinions of special meetings of independent directors
The postponement of some of the investment projects raised by the initial public offering and the convertible bond investment project is a prudent decision made by the company based on the actual progress of the investment projects. It does not involve changes in the implementation entities of the investment projects, the use of raised funds and the scale of investment. It will not have a substantial impact on the implementation of the investment projects. There is no disguised change in the investment direction of the raised funds or other circumstances that harm the interests of the company's shareholders. The matter has fulfilled the necessary approval procedures and complies with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on the management of funds raised by listed companies.
Therefore, we unanimously agree to postpone some of the investment projects and convertible bond investment projects of the company's initial public offering.
(3) Opinions of the sponsor
After verification, the sponsor believes that: the company's initial public offering of part of the investment projects and the postponement of convertible bond investment projects have been reviewed and approved by the company's board of directors and reviewed and approved by a special meeting of independent directors, and are in compliance with the "Supervision Rules for Funds Raised by Listed Companies", "Shenzhen Stock Exchange GEM Stock Listing Rules", "Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 2 - Standardized Operation of GEM Listed Companies" and other relevant regulations. There is no change or disguised change in the investment direction of the raised funds and damage to the interests of shareholders.
In summary, the sponsor has no objection to the postponement of some investment projects and convertible bond investment projects of the company's initial public offering.
7. Documents for reference
Resolution of the 17th meeting of the fourth board of directors;
Review opinions of the eighth special meeting of the independent directors of the fourth board of directors in 2025;
Guolian Minsheng Securities Underwriting and Sponsoring Co., Ltd.’s verification opinions on the postponement of some of the investment projects and convertible bond investment projects of Shandong Linuo Pharmaceutical Packaging Co., Ltd.’s initial public offering.
Announcement is hereby made.
Board of Directors of Shandong Linuo Pharmaceutical Packaging Co., Ltd.
December 24, 2025