29, Lushan New Material issued a notice on the postponement of some investment projects.
Affected by the cyclical fluctuations in the photovoltaic industry, the growth rate of demand has slowed down, and the rapid expansion of production capacity in the early stage also needs time to digest and absorb. Lushan New Material intends to extend the "R & D Center Construction Project" and "Solar Cell Packaging 
It is understood that the total investment of the "R & D Center Construction Project" is 45.85 million yuan , and the planned use of the raised funds is 45.85 million yuan, with a total investment of 14.6 million yuan.
According to the announcement, after the completion of the original R & D center construction project of Lushan New Material, seven major R & D projects will be implemented in the R & D center, including back contact photovoltaic module packaging film; 's" Solar Cell Encapsulation Film Production Expansion Project " has a total investment 45758 of 0.55 million yuan , and plans to use 366.94 million yuan of raised funds. A total of 66.7514 million yuan has been invested to raise funds and complete the total investment of 18.
"Solar Cell Packaging Film Expansion Project" has built nine solar cell packaging film production lines. To meet the needs of the development of solar cell packaging film in overseas markets, three new solar cell packaging film production lines have been built in Malaysia.
Lushan New Material said that the above capacity is sufficient to meet the existing business needs at home and abroad.
On the same day, Lushan New Material also released the company's annual report for 2025 and the first quarterly report for 2026.
The report shows that in 2025, the company realized business income of 1.519 billion yuan, down 26.49% from the same period last year; The net profit loss attributable to shareholders of listed companies was 73.2179 million yuan , down 532
from the same period last year. Lushan New Material said that it was mainly affected by the external environment such as the mismatch of supply and demand in the photovoltaic industry in 2025, the intensification of price competition and the high cost of raw materials.
It is noteworthy that by the first quarter of 2026, Lushan New Material has successfully turned losses into profits . During the reporting period, the Company realized an operating income of RMB 321 million, a year-on-year decrease of 3.98%; realized a total profit of RMB 23.959 million, a year-on-year increase of 39.88%; and realized a net profit attributable to parent company of RMB 19.9918 million, a year-on-year increase of 40.1%.
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