I've been thinking about the lack of activity at Bohai since its completion and I'd like to present a few interpretations for what we're seeing:
1. Potemkin shipyard: The new halls are nothing more than empty sheds China built to fool satellites. Not only is this grossly out of character, if successful it would be counterproductive. At worst, it would galvanize adversaries to expand their own submarine building without granting China any security. This possibility can be dismissed out of hand.
2. The submarines suck: China underestimated how difficult it would be to design a competitive SSN and is now all dressed up with nowhere to go. While possible, I don't think China would have undertaken a construction project this expansive without having crossed the t's and dotted the i's. While not great, I don't think that the latest variants of the 09-III are that bad that China couldn't build a few to tide itself over until the 09-V arrives. The submarines being completely inadequate doesn't gel with the progress China has made in SSKs and in ship design/building as a whole.
3. There isn't a delay: What we're seeing isn't a delay and there's still more work needed to prep the yard. It's difficult to tell that this is the case since we don't have other yards elsewhere of both this scale and recency, so analogies are difficult if not impossible to draw. We would be extraordinarily lucky to catch a satellite photo of plant and machinery moving into the halls, but perhaps we can observe some ambient activity.
4. China's waiting for a better design: The optimistic side of the coin to 2. China judges that it would be better to wait a short while for a much better design than to turn the crank on a less capable design.
I think it is a combination of 3., but also one more option you didn't mention, what I dub to be 5.
5. It will take a while for the full production capacity of the new facilities to be ramped up, independent of having the new equipment and factory tooling made ready.
This is a new greenfield site that only saw its first boat launched earlier this year has, and any new factory producing a new class of submarines (which the 09IIIB are) will not immediately see its production start off at its peak. One new boat may be launched the first year of operation, followed by two the next year, then perhaps four the year after, and so on, until a sustainable peak is reached.
For my part, everything we have seen with the launch of the new submarine so far and the pace of launch and work we are seeing, I believe should be well within projections.
4. Is likely true to an extent as well, but it is moreso than 3 and 5 were designed specifically to synchronize with 4, rather than there being any meaningful delay as such.