According to Haomei New Materials's announcement, the company recently signed a “Land Concession Refund Agreement” with the Guangdong Qingyuan High-tech Industrial Development Zone Management Committee and the Qingyuan Natural Resources Bureau to convert some 238219.70 square meters of commercial and residential land to industrial land, and to refund 68.11 million yuan of land concessions paid in the early stages. After this adjustment, the risk of idle land and default has been eliminated, and the factory area does not need to be relocated, which will not have a significant adverse impact on the company's financial situation and operating results. This change in the nature of land use still requires procedures such as re-signing a concession contract and real estate registration, and there is uncertainty about the execution of the agreement.

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