Recently, Sinoma Technology announced that it plans to raise no more than 4.481 billion yuan through a non-public offering, with a focus on investing in low dielectric fiber fabric series projects and optimizing capital structure. This is an important strategic measure implemented by the company in the context of a significant recovery in performance in the first half of 2025, following the pressure on performance in 2024.

According to the fundraising plan, 1.662 billion yuan will be used for the annual production of 35 million meters of low dielectric fiber cloth project, 1.475 billion yuan will be used for the annual production of 24 million meters of ultra-low loss low dielectric fiber cloth project, and an additional 820 million yuan will be arranged to repay the special accounts payable for national funds, with 524 million yuan to supplement working capital. These two projects are implemented by the company's subsidiary Mount Taishan Fiberglass, of which the annual output of 35 million meters project is specifically undertaken by Mount Taishan Fiberglass Holding subsidiary Taibo Zoucheng, which will use the existing spinning complex of the first phase project of special fiber cloth to build four special fiber kilns and supporting facilities; The project with an annual output of 24 million meters is directly implemented by Mount Taishan Fiberglass, and the capacity construction is completed through the construction of new plants and production lines. After the completion of all projects, the company will increase its production capacity of 59 million meters of high-end special fiber cloth.

Against the backdrop of the continued explosion of the AI industry in 2025, the strategic significance of this fundraising is particularly prominent. Special fiber fabrics such as low dielectric and ultra-low loss are the core basic materials for high-end fields such as 5G communication, artificial intelligence, and data centers, and the market demand continues to be strong. According to industry analysis, due to the high technological threshold, there is currently a significant supply gap in this field. As one of the enterprises with the most comprehensive product coverage in the field of special glass fiber in China, Sinoma Technology has successfully broken the foreign monopoly and become the only domestic and second global enterprise that can achieve large-scale supply of low expansion fabrics. In the first half of 2025, the company's special fiber cloth achieved sales of 8.95 million meters, and all series of products have completed domestic and international head customer certification and achieved bulk supply.

From a policy perspective, both the National Development and Reform Commission's "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)" and the Ministry of Industry and Information Technology's "Guiding Catalogue for the First Batch of Demonstration Applications of Key New Materials (2024 Edition)" have included low dielectric glass fibers and products in the encouraged category, providing strong support for industry development. Sinoma Technology stated that under the dual drive of policies and technology, domestic enterprises are gradually achieving breakthroughs in the industrialization of special fibers.

It is worth noting that this fundraising coincides with a critical moment of the company's performance recovery. In 2024, Sinoma Technology faced performance pressure and achieved a total operating revenue of 23.98 billion yuan, a year-on-year decrease of 7.4%; The net profit attributable to shareholders of the listed company was 890 million yuan, a year-on-year decrease of 59.9%. But after entering 2025, the company's performance will significantly rebound, achieving a revenue of 13.33 billion yuan in the first half of the year, a year-on-year increase of 26%; Realize a net profit of 1 billion yuan attributable to shareholders of the listed company, a year-on-year increase of 115%. This fundraising expansion is expected to further consolidate the company's first mover advantage in the high-end materials field and help domestic new materials enhance their voice in the global industrial chain.

Industry analysts point out that with the rapid development of AI computing and advanced packaging technology, the demand for special fibers in the market will continue to grow. If the expansion of production by Sinoma Technology can be smoothly promoted, it will help the company seize market opportunities and further enhance its competitive position in the industry chain. Editor/Yang Beihua