Tianyang New Materials (Shanghai) Technology (603330.SH): Subsidiary company related to photovoltaic encapsulating film project suspends production.

Tianyang New Materials (Shanghai) Technology (603330.SH) announced that the board of directors of the company has approved the proposal to suspend the production of the subsidiary company related to the photovoltaic encapsulation film project. Based on the current situation of changes in the photovoltaic industry market, the company intends to stop the photovoltaic encapsulation film related business in order to create greater benefits for shareholders and investors, improve the company's profit level, enhance the efficiency of fundraising usage, and ensure long-term stable development of the company. After the production suspension, the factory space occupied by the photovoltaic encapsulation film project will be used for the production of other products such as hot melt web film according to the needs of the company's other business sectors. Some of the factory space will be used for future production needs of new businesses or for rental or sale. Some of the production equipment that has already been invested in can be restructured for the production of other company products, while some equipment will be sold at the appropriate time according to market demand.