On March 26, 2025, the Yichun City Ecological Environment Bureau announced the public notice regarding the proposed acceptance of the environmental impact assessment document for the expansion project of Minguan New Materials Co., Ltd., which produces 120 million square meters of POE film for photovoltaic module packaging (significant changes).

Project Origin

In June 2021, Mingguan New Materials Co., Ltd. commissioned Yichun Yixin Environmental Protection Technology Co., Ltd. to complete the "Environmental Impact Report Form for the Expansion Project of POE Film for Photovoltaic Module Packaging with an Annual Output of 120 Million Square Meters." On December 15, 2021, they obtained the approval from the Yichun Economic and Technological Development Zone Branch of the Yichun Ecological Environment Bureau regarding the Environmental Impact Report Form for the expansion project (Yiquan Environmental Evaluation Document [2021] No. 28). The project is currently under construction, and some equipment has already been installed.

During the actual construction of the project, there were changes from the original environmental impact assessment and approval content. The specific changes are as follows:

(1) The project construction site has changed. The original environmental assessment approval designated the construction site at No. 32 Jingfa Avenue, Yichun Economic and Technological Development Zone, with geographic coordinates of E114°23′53.498″, N27°52′13.163″. The new location is at No. 666 Chunchao Road, Yichun Economic and Technological Development Zone, with geographic coordinates of E114°23′45.928″, N27°52′22.510″. The new factory site is located 20 meters north of the original site.

(2) Production process adjustment, the main production process remains unchanged, and a new crushing process for edge scraps is added. The edge scraps will be crushed and returned to the feeding process for reuse.

(3) Adjust and optimize part of the production equipment, adding 2 slitting and rewinding machines and 3 crushers.

Due to the change in the construction address, the production layout will be adjusted accordingly.

(5) A new broken waste gas emission outlet has been added. According to the "Technical Specification for Application and Issuance of Pollutant Discharge Permits for Rubber and Plastic Products Industry" (HJ1122-2020) 5.1.5.2.5, the emission outlet type: the waste gas emission outlets of simplified management pollutant discharge units are all general emission outlets. The project is C2921 plastic film manufacturing, which, according to the "Directory of Classification Management for Pollutant Discharge Permits for Fixed Pollution Sources" (2019 edition), belongs to simplified management pollutant discharge units. Therefore, the newly added broken waste gas emission outlet is a general emission outlet.

Repeatedly adjust the project

First adjustment:In March 2021, Mingguan New Materials announced a change in some of its fundraising investment projects. The original fundraising projects, "Expansion Project for Annual Production of 30 Million Square Meters of Solar Cell Backsheets" and "Expansion Project for Annual Production of 10 Million Square Meters of Lithium Battery Aluminum-Plastic Film," will have surplus funds due to reasons such as a decrease in the price of production equipment and improvements in production equipment technology, while maintaining the original production capacity of the fundraising projects. The surplus funds are planned to be used for the construction of a new "Expansion Project for Annual Production of 120 Million Square Meters of POE Film for Photovoltaic Module Encapsulation." The investment for the POE film project is approximately 194 million yuan.

At that time, analysis pointed out that the market concentration of solar cell encapsulation adhesive films, where POE adhesive films are located, is relatively high, and the head effect is significant. The existing production capacity and the capacity under construction of major enterprises basically match the market demand. However, during the reporting period, Minguan New Materials' revenue scale from solar cell encapsulation adhesive films was small, with a product gross profit margin of only 2.13%. There were also situations of returned goods and substandard products in the inventory.

Second adjustment:In April 2022, Mingguan New Materials announced a private placement plan: it intends to raise 2 billion yuan to invest in the "Mingguan Lithium Membrane Company's annual production of 200 million square meters of aluminum-plastic film construction project," "Mingguan Lithium Membrane Company's annual production of 100 million square meters of aluminum-plastic film construction project," "Jiaming Film Company's annual production of 100 million square meters of fluorine-free backplane construction project," as well as to supplement working capital. This round of expansion projects is precisely the aluminum-plastic film project that was reduced the previous year.

Project Delay:On December 14, 2022, Minguan New Materials Co., Ltd. announced a delay in some fundraising investment projects.

Reason for Delay: The fundraising project "Expansion Project for Annual Production of 120 Million Square Meters of POE Film for Photovoltaic Module Packaging" has been delayed mainly due to the impact of the COVID-19 pandemic. Various regions have implemented strict pandemic prevention measures, which have restricted logistics and the movement of personnel. The procurement of materials and logistics transportation have been affected to some extent, and the movement of construction personnel and daily pandemic prevention work have also delayed the progress of the fundraising project's construction.