atariarcadegames| Guangwei Composite Materials (300699.SZ) won the right to use construction land in Weihai City and plans to build a polyacrylonitrile-based carbon fiber precursor production line with an annual output of 2600 tons

Gelonghui May 19 丨 Guangwei Composite Materials (300699)(300699atariarcadegames.SZ) announcedatariarcadegamesRecently, Weihai Development Fiber Co., Ltd.(hereinafter referred to as "Weihai Development"), a wholly-owned subsidiary of the company, won the right to use state-owned construction land of "Wei Zi Gong Gao (Lin) Zi [2024] No. 1", and signed the "Weihai City State-owned Construction Land Use Rights Confirmation Letter for Online Listing Transfer" with Weihai City Natural Resources and Planning Bureau and Weihai City Public Resources Trading Center. Transaction price: 47.9557 million yuan.

Weihai Expand obtained the land use rights of the above-mentioned land in this auction and plans to use it to build a polyacrylonitrile-based carbon fiber raw fiber production line with an annual output of 2,600 tons, and the remaining land will be reserved for subsequent carbonization production lines. This production line construction project is a production capacity reserve made by the company based on the expected future market demand of some carbon fiber varieties. After the project is completed, it will further enhance the company's product supply guarantee capabilities, enhance the company's market competitiveness and comprehensive strength, and have a positive impact on the company's sustainable and healthy development in the future.

The source of funds for this purchase of land use rights is the company's own funds, which will not affect the normal development of the company's existing business, will not have a significant impact on the company's financial status, and will not harm the interests of the listed company and all shareholders.