On November 8th, Gpro Titanium Industry (000545.SZ) announced that the integrated new energy battery material project (Phase I) (hereinafter referred to as "this project") will initially build facilities with an annual production capacity of 0.1 million tons of ferrous phosphate and 0.3 million tons of sulfuric acid, with a planned total investment of approximately 1.28 billion yuan, originally scheduled to be completed and put into operation in the fourth quarter of 2023.

As of now, the civil construction progress of this project has completed over 98% of the total civil construction work. The 0.3 million tons/year sulfuric acid facility has completed all long-cycle equipment, key equipment ordering, and on-site fabrication and installation of all non-standard equipment. A small amount of installation materials still need to be purchased, and it is expected to complete the machinery and commissioning in the first quarter of 2025. The 0.05 million tons/year ferrous phosphate facility is currently in a slow construction state, with all long-cycle equipment and key equipment ordering completed. Approximately 60% of the on-site fabrication and installation work for non-standard equipment has been completed, and all remaining procurement has been temporarily suspended.

As of October 31, 2024, a total investment of 0.394 billion yuan has been made in this project. Contracts for project construction and equipment procurement amount to 0.756 billion yuan, with a payment of 0.37 billion yuan already made.

The company stated that due to the continued maintenance of ferrous phosphate market prices below the breakeven point of this project investment, and the emergence of new technologies in downstream products, to control investment risks, the company has slowed down the investment progress, resulting in the investment progress of this project falling short of expectations.