Group 1 - The company, Changzhou Aohong Electronics Co., Ltd., is issuing convertible bonds to unspecified investors, with a total fundraising amount not exceeding RMB 580 million [17][18] - The funds raised will be used for the construction of a production base in Thailand, aimed at enhancing the company's overall production capacity and supporting balanced domestic and international business development [7][18] - The company specializes in the research, production, and sales of printed circuit boards (PCBs), with products including single-sided, double-sided, and multi-layer boards [4][5] Group 2 - The company has established a diverse market strategy, maintaining competitiveness in traditional sectors while rapidly penetrating new application areas such as electric vehicles and AI computing centers [4] - The company has accumulated 137 patents, including 28 invention patents, demonstrating its commitment to innovation and technology development [5] - Recent financial data shows total assets of approximately RMB 258.85 million and total liabilities of about RMB 87.16 million as of June 30, 2025 [6] Group 3 - The company has a strong customer base, including major domestic and international firms such as LG, Haier, and Whirlpool, which enhances its market position [4] - The company’s revenue for the first half of 2025 was approximately RMB 67.37 million, with a net profit of around RMB 8.07 million [6] - The company’s financial ratios indicate a current ratio of 2.25 and a quick ratio of 1.88 as of June 30, 2025, reflecting a stable liquidity position [6]

Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. is issuing convertible bonds to unspecified objects to finance the construction of a production base in Thailand, which is expected to generate significant revenue and has a favorable internal rate of return [1][2]. Financing Scale and Effectiveness Assessment - The total investment for the Thailand production base project is estimated at 595.04 million yuan, with an expected annual revenue of 663.2 million yuan upon reaching full production [1][2]. - The project's internal rate of return before tax is projected at 13.77%, with a payback period of approximately 7.39 years, including a 2-year construction period [1][2]. Project Investment Breakdown - The investment structure includes: - Construction costs: 157.51 million yuan (26.4%) - Site decoration: 19.11 million yuan (3.2%) - Hardware equipment: 384.28 million yuan (64.4%) - Software tools: 2.5 million yuan (0.4%) - Other construction costs: 29.83 million yuan (5.0%) [2][4][7]. Construction and Equipment Details - The total construction area for the project is 70,574 square meters, which includes main and auxiliary factories, employee living quarters, and various utility buildings [1][8]. - The average construction cost is estimated at 0.22 million yuan per square meter, which is consistent with local pricing [1][12]. - The hardware equipment investment is primarily based on historical procurement prices and current market rates, with a total of 384.28 million yuan allocated for various production and testing equipment [4][6]. Production Capacity and Comparison - The project aims to achieve an annual production capacity of 1.2 million square meters of single-sided, double-sided, and multilayer boards [1][8]. - The unit capacity corresponding to the construction area is 588.11 square meters per million square meters, which is comparable to previous projects and within the reasonable range of industry standards [8][9]. Cost Comparison with Industry Peers - The construction cost per square meter for this project is 0.25 million yuan, which is within the range of similar projects in the region, indicating a competitive pricing strategy [12][13]. - The equipment investment per unit capacity is 320.23 yuan per square meter, which aligns with the average of comparable projects in the industry [11][13].

Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. plans to issue convertible bonds to unspecified objects, aiming to raise funds for the construction of a production base in Thailand, which is expected to enhance the company's overall production capacity and support balanced domestic and international business development [1][27]. Group 1: Issuer Information - The issuer, Changzhou Aohong Electronics Co., Ltd., was established on June 22, 2005, and is located in Changzhou, Jiangsu Province, specializing in the manufacturing and sales of printed circuit boards (PCBs) [4][10]. - The total share capital of the company is 142,923,950 shares [4]. Group 2: Bond Issuance Details - The company intends to raise no more than RMB 58,000 million (including principal) through this bond issuance, with all proceeds allocated to the Thailand production base construction project [27][22]. - The bond issuance has been approved by the company's board of directors and requires further approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission (CSRC) [10][11]. Group 3: Financial Health and Compliance - The company has maintained a reasonable debt structure, with asset-liability ratios of 36.93%, 29.06%, 34.16%, and 33.67% over the reporting periods, indicating low financial risk [15][26]. - The average distributable profits over the last three years were RMB 13,583.28 million, sufficient to cover the interest on the bonds [12][14]. Group 4: Project Feasibility and Risks - The Thailand production base project is expected to significantly increase the company's production capacity, with projected annual revenues upon full production [29]. - However, the project faces risks related to management, operation, and market conditions in Thailand, as well as potential changes in tax incentives and market environments [29][30]. Group 5: Regulatory Compliance - The bond issuance complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the company has a sound organizational structure and governance [11][14]. - The company has not engaged in any undisclosed third-party hiring or other non-compliant activities related to this bond issuance [8][9].

Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. plans to raise up to RMB 580 million through the issuance of convertible bonds, with the funds primarily allocated for the construction of a production base in Thailand, aimed at increasing annual production capacity by 1.2 million square meters for single-sided, double-sided, and multi-layer boards [3][18]. Group 1: Investment Project Necessity - The PCB industry is expected to experience moderate recovery and steady growth, with a projected compound annual growth rate (CAGR) of 5.40% from 2023 to 2028, and the global PCB market is anticipated to reach USD 73 billion in 2024, reflecting a year-on-year growth of approximately 5% [5][6]. - The Southeast Asian PCB market is projected to grow significantly, with an expected CAGR of 12.7% from 2023 to 2028, driven by local policies and international industry transfers [5][6]. - The establishment of the Thailand production base is essential for optimizing the company's PCB capacity layout to meet the increasing procurement demands of overseas customers [18][21]. Group 2: Market Demand and Client Base - The demand for PCB products is recovering, particularly in sectors such as AI, automotive electronics, and industrial control, which are driving overall PCB demand growth [6][8]. - Major clients of the company include well-known enterprises such as LG, Hisense, and Haier, which have high standards for product quality and stability in supply chains [12][21]. - The company aims to enhance its overseas supply capabilities and service quality to improve customer loyalty, as local production can meet the increasing demands for flexible delivery and high-quality standards [20][21]. Group 3: Competitive Landscape - The global PCB industry is characterized by a competitive landscape with a concentration ratio (CR5) of approximately 30%, indicating a well-distributed market among leading manufacturers [6]. - The company has over 20 years of experience in manufacturing single-sided and multi-layer boards, establishing a strong brand image and market recognition [18][22]. - The PCB industry is witnessing a trend of domestic manufacturers expanding their production bases to Southeast Asia, with many companies planning significant investments in Thailand [11][18].

股票简称：澳弘电子 股票代码：605058 常州澳弘电子股份有限公司 与 常州澳弘电子股份有限公司向不特定对象发行可转换公司债券 审核问询回复 上海证券交易所： 国金证券股份有限公司 关于 《关于常州澳弘电子股份有限公司向不 特定对象发行可转换公司债券申请文件 的审核问询函》之回复 保荐人（主承销商） （注册地址：成都市青羊区东城根上街95号） 二〇二五年八月 贵所于 2025 年 4 月 28 日出具的《关于常州澳弘电子股份有限公司向不特 定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资） 〔2025〕130 号）（以下简称"《审核问询函》"）已收悉。常州澳弘电子股份有 限公司（以下简称"澳弘电子"、"发行人"或"公司"）会同国金证券股份有限公 司（以下简称"国金证券"或"保荐机构"）、容诚会计师事务所（特殊普通合伙） （以下简称"容诚"或"申报会计师"）、上海市锦天城律师事务所（以下简称"锦 天城"或"发行人律师"），对《审核问询函》所列问题进行了逐项落实、核查， 现回复如下，请予审核。 如无特别说明，本《审核问询函》回复中的简称或名词的释义与《常州澳 弘电子股份有限公司向不特定对象发行可 ...

" RsM | 容 诚 关于常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核问询函中有关财务会计问题的专项说明 容诚专字|2025|518Z0821号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券申请文件的 审核间询函中有关财务会计问题的专项说明 容诚专字[2025]518Z0821号 上海证券交易所: 贵所于 2025年 4 月 28 日出具的《关于常州澳弘电子股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函》(上证上审(再融资) (2025) 130 号)(以下简称"《审核间询函》")的要求,容诚会计师事务所(特殊普 通合伙)(以下简称"我们")对问询函中提到的需要申报会计师说明或发表意 见的问题进行了认真核查,现回复如下,请予审核。 如无特别说明,本《审核问询函》回复中的简称或名词的释义与《常州澳弘 电子股份有限公司向不特定对象发行可转换公司债券募集说明书》中的含义相同, 涉及对申请文件修改的内容已用楷体加粗标明。 | 字体 | 含义 | | --- | --- | | 黑体(加粗) | 审核问询函所列 ...

常州澳弘电子股份有限公司 Changzhou Aohong Electronics Co., Ltd. 住所：常州市新北区新科路 15 号 向不特定对象发行可转换公司债券 募集说明书 （修订稿） 保荐人（主承销商） 股票简称：澳弘电子 股票代码：605058 二〇二五年八月 常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 （注册地址：成都市青羊区东城根上街 95 号） 一、关于本次发行的可转换公司债券的信用评级 常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 本次可转换公司债券经中证鹏元评级，根 ...

国金证券股份有限公司 关于常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年八月 常州澳弘电子股份有限公司向不特定对象发行可转换公司债券之发行保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办法》 等有关法律、行政法规和中国证券监督管理委员会的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 3-1-1 释 义 本发行保荐书中，除非文义另有所指，下列简称和术语具有如下含义： | 国金证券、保荐机 | 指 | 国金证券股份有限公司 | | --- | --- | --- | | 构、保荐人 | | | | 公司、发行人、澳弘 | 指 | 常州澳弘电子股份有限公司 | | 电子 | | | | 《注册管理办法》 | 指 | 《上市公司证券发行注册管理办法》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 ...

国金证券股份有限公司 关于常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 （成都市青羊区东城根上街 95 号） 二〇二五年八月 声 明 上海证券交易所： 作为常州澳弘电子股份有限公司（以下简称"发行人""公司"或"澳弘电 子"）向不特定对象发行可转换公司债券的保荐机构，国金证券股份有限公司（以 下简称"国金证券"或"保荐机构"）及其保荐代表人已根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办 法》（以下简称"管理办法"）《上海证券交易所上市公司证券发行上市审核规则》 等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及上海证券 交易所（以下简称"上交所"）的有关规定，诚实守信，勤勉尽责，严格按照依 法制定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准 确、完整。 如无特别说明，本上市保荐书中的释义与《常州澳弘电子股份有限公司向不 特定对象发行可转换公司债券募集说明书》中的释义一致。 3-2-1 | 声 | 明 1 | | --- | ...

上海市锦天城律师事务所 关于常州澳弘电子股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（二） 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | | | | 声明事项 . | | | --- | --- | | 释 | ツ メ … | | 正 | 文 | | 第一部分：对问询函回复的更新 | | | 《审核问询函》第1题:关于本次募投项目及境外项目管控风险 7 | | | ニ、 | 《审核问询函》第 3 题：关于前次募集资金情况 …………………………35 | | 11 Í | 《审核问询函》第 5.2 题:关于其他 | | 第二部分：补充报告期间发行人的变化情况 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………46 | | | 一、 本次发行的批准和授权… | | | 二、 | 发行人本次发行的主体资格 | | 11 [ | 发行人本次发行的实质条件 | | ...