Construction without prior approval! Besme's Tongling 20,000-ton specialty alcohol project ordered to halt construction and fined

On the evening of July 6, Bestme (300796.SZ, closing stock price 6.53 yuan, total market value 2.358 billion yuan) released an announcement regarding an administrative penalty. The company's holding subsidiary, Tongling Bestme Technology, received a penalty decision letter from the Tongling Municipal Emergency Management Bureau.

Upon regulatory investigation, it was found that the "20,000 tons/year Special Alcohol Series Green New Materials Project" of Tongling Bestme had violated regulations by proceeding with the construction of buildings and installation of production equipment without the design of safety facilities being reviewed and approved by the competent authorities. The constructed buildings involved include the office building, project control room, utility engineering buildings No. 5 and No. 6, and the south gate guard room; some equipment in the synthesis gas unit and the special alcohol main unit area was also installed in advance.

Considering the company's active cooperation with the investigation, truthful account of the illegal facts, proactive submission of supporting materials, and active implementation of rectification, as well as the fact that this violation did not cause major safety or social harm (mitigating circumstances), and that the "three simultaneouss" requirement for hazardous chemical projects is a rigid bottom line for source safety control, the regulatory authority ultimately made the following penalty decision: order the project to stop construction and impose a fine of 450,000 yuan.

The announcement disclosed that as of July 6, Tongling Bestme had completed the application for the safety facility design review and successfully passed the approval, obtaining the official review opinion letter, and the fundraising project has resumed construction. The announcement did not disclose the start time of the violation.

Bestme operates two main business segments: pesticides and new materials. The new materials segment relies on Tongling Bestme to carry out the comprehensive utilization of C5 resources. Two existing new material production lines, an 8,500 tons/year pentanone line and a 12,100 tons/year cyclopentane line, have been put into operation. The special alcohol project involved this time is a core fundraising project of the company. In January 2025, the company split and restructured the original 5,000-ton high-purity pseudo-boehmite project. The first phase plans for a capacity of 20,000 tons of special alcohols, covering products such as n-hexanol and isododecanol, with a construction period of 2 years.

As of the end of 2025, the project has accumulated an investment of 98.5181 million yuan, with an overall construction progress of 29.20%. The company previously planned to strive to achieve project commissioning within 2026 and reach full production in the fourth quarter.

On the operational level, in 2025, Tongling Bestme achieved operating revenue of 179 million yuan. Affected by the capacity ramp-up during the initial production of existing facilities and significant pressure from fixed cost amortization, it recorded a net profit loss of 60.4271 million yuan for the full year.