Core Viewpoint - The supplementary legal opinion addresses the inquiries raised by the Shenzhen Stock Exchange regarding Suzhou Goodwill Electronics Co., Ltd's application for a specific stock issuance, highlighting the company's financial performance and challenges in its semiconductor and photovoltaic silver paste businesses [2][3][4]. Financial Performance - The company's main business revenue for the reporting periods was 3.26 billion, 4.07 billion, with growth rates of 17.21%, 14.36%, 10.23%, and 10.75% respectively [3]. - The gross profit margins for the semiconductor and photovoltaic silver paste businesses have shown a downward trend, primarily due to significant increases in key raw material prices, particularly silver powder [3][4]. - The gross profit margins for integrated circuit packaging and testing products were recorded at 8.01%, -2.57%, -12.55%, and -0.19%, indicating a continuous negative trend since 2023 [3]. Customer Concentration - The sales amount to the top five customers accounted for 59.90%, 62.13%, 71.44%, and 66.93% of total sales revenue during the reporting periods [4]. - The company primarily employs a direct sales model supplemented by distribution, with distribution revenue contributing 14.02%, 11.70%, 8.47%, and 11.19% to total revenue [4]. Accounts Receivable and Bad Debt Provisions - The accounts receivable balances at the end of each reporting period were 749.03 million, 1.03 billion, 1.12 billion, and 973.91 million, with bad debt provisions of 30.13 million, 28.57 million, 80.41 million, and 78.45 million respectively [4][12]. - The increase in bad debt provisions in 2024 was primarily due to the company's consideration of debt restructuring agreements with major customers, leading to a provision rate of 13.85% for certain accounts [4][12]. Inventory and Prepayments - The company's inventory values at the end of each reporting period were 384.97 million, 473.14 million, and 471.76 million [4]. - The prepayment amounts at the end of each reporting period were 75.55 million, 78.51 million, and 79.99 million [4]. Fixed Assets and Utilization - The book value of fixed assets at the most recent reporting period was 666.61 million, with impairment provisions of 16.76 million [5]. - The company experienced underutilization of production capacity in its semiconductor discrete devices, integrated circuit packaging, and photovoltaic silver paste products, with some years showing utilization rates below 70% [5]. Research and Development Expenses - The company reported period expenses of 284.69 million, 146.09 million, 200.69 million, and 32.81 million, with financial expenses of -7.72 million, 10.28 million, 10.53 million, and 5.62 million [5]. - Sales expenses were primarily composed of salaries and promotional expenses, with promotional expenses recorded at 45.59 million, 52.41 million, 21.32 million, and 3.42 million [5]. Industry Context - The company operates in the semiconductor and photovoltaic sectors, facing challenges such as supply-demand imbalances and increased competition [10]. - The photovoltaic industry is particularly affected by external factors such as tariffs and sourcing policies, impacting the company's customer base and financial stability [10].

Core Viewpoint - Suzhou Gude Electronic Co., Ltd. is responding to the inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific stock issuance, addressing various operational and financial aspects of the company, particularly in the semiconductor and photovoltaic silver paste industries. Group 1: Financial Performance - The company reported a continuous increase in operating revenue, but a decline in overall gross margin, attributed to various factors including raw material price fluctuations and market competition [2][3][4]. - The gross margin for integrated circuit packaging and testing products has been negative since 2023, raising concerns about the sustainability of this segment [2][3]. - The company’s trading financial assets were valued at 217.19 million yuan, with long-term equity investments at 262.39 million yuan, indicating a significant investment strategy [1]. Group 2: Industry Context - The semiconductor industry has seen a compound annual growth rate (CAGR) of 10.68% from 2019 to 2023, driven by demand in various sectors including IoT, renewable energy, and consumer electronics [8][9]. - The photovoltaic silver paste market is expanding, with global demand for solar cell paste projected to grow from 2,990 tons in 2020 to 7,724 tons by 2024 [18][19]. - The company holds a 9.80% market share in the global photovoltaic silver paste market, ranking third among competitors [20]. Group 3: Raw Material and Pricing Dynamics - Key raw materials for the company include silver powder, silver ingots, and chips, with silver powder accounting for 78.36% of total procurement in recent periods [10][11]. - The procurement price of silver powder has increased by 7.08% recently, reflecting market trends, while chip prices have decreased due to industry capacity expansion [12][13]. - The company has established a robust supplier management system to ensure stable supply and price control of raw materials [15]. Group 4: Customer and Supplier Relationships - The company’s top five customers and suppliers have a concentration level that aligns with industry norms, indicating stable cooperation without significant dependency risks [2][3]. - The company’s semiconductor products are widely used in automotive electronics, industrial control, and consumer electronics, showcasing a diverse application landscape [16][17]. Group 5: Competitive Positioning - The company has over 30 years of experience in semiconductor manufacturing and is recognized as a leading player in the power semiconductor sector in China [19]. - The company’s market position is strengthened by its technological advancements and the ability to respond quickly to market demands, particularly in the photovoltaic sector [20].

Core Viewpoint - Suzhou Good-Ark Electronics Co., Ltd. is preparing for a specific object stock issuance to raise funds for its semiconductor and photovoltaic businesses, highlighting its strong market position and growth potential in these sectors [1][2][3]. Company Overview - The company, established on August 24, 2002, specializes in semiconductor devices and photovoltaic materials, with a registered capital of 808.085816 million yuan and listed on the Shenzhen Stock Exchange since November 16, 2006 [1]. - Suzhou Good-Ark Electronics is recognized as a national high-tech enterprise, focusing on the research and industrialization of semiconductors and new materials [1][2]. Main Business - The company's primary business segments include semiconductor discrete devices and integrated circuit packaging, with over 50 series and more than 7,000 varieties of products [2]. - In the photovoltaic sector, its subsidiary, Suzhou Jingyin, is a leading supplier of solar cell conductive paste, achieving significant market share and establishing long-term partnerships with major industry players [3]. Financial Data - As of March 31, 2025, the company reported total assets of 4.117 billion yuan, with total liabilities of 1.029 billion yuan, resulting in total equity of 3.088 billion yuan [6]. - For the first quarter of 2025, the company generated operating revenue of 901.0843 million yuan, with a net profit of 365.847 million yuan [6]. Market Position - The company has maintained a leading position in the semiconductor industry, with its rectifier diode sales ranking among the top in China for over a decade [2]. - In the photovoltaic sector, Suzhou Jingyin ranks third globally in market share for conductive paste and first in low-temperature paste for heterojunction cells [3]. Innovation and R&D - The company emphasizes technological innovation and has established several research and development platforms, accumulating a significant number of patents [4]. - As of March 31, 2025, the company holds 201 authorized domestic patents, including 78 invention patents [4]. Fundraising and Project Plans - The upcoming stock issuance aims to raise up to 886.8 million yuan, primarily for projects related to solar electronic paste production and small-signal product packaging and testing [20][23]. - The company plans to invest in projects that align with its growth strategy and market demand, ensuring a focus on innovation and efficiency [20][23]. Industry Context - The semiconductor industry in China faced a sales growth of only 2.2% in 2023, indicating a slowdown compared to previous years, which may impact the company's performance [10]. - The photovoltaic industry is experiencing significant fluctuations due to policy changes and market dynamics, which could affect the demand for the company's products [11][12].

Core Viewpoint - Suzhou Guder Electronic Co., Ltd. is planning to raise funds through a specific issuance of A-shares to finance projects related to solar electronic paste production, small signal product packaging and testing, and the establishment of an innovation research institute, while also supplementing working capital [1][2][3]. Fundraising Projects - The funds raised will primarily be allocated to the following projects: 1. Annual production of 500 tons of solar electronic paste at Suzhou Jingyin New Materials Technology Co., Ltd. 2. Small signal product packaging and testing project 3. Establishment of the Guder (Suzhou) Innovation Research Institute 4. Supplementing working capital [3][18]. Industry Risks - The semiconductor industry in China is experiencing cyclical fluctuations, with 2023 sales reaching 1,669.66 billion yuan, a year-on-year increase of only 2.2%, marking the lowest growth rate in nearly a decade [3][5]. - The sales of semiconductor discrete devices reached 441.97 billion yuan, also reflecting a 2.2% year-on-year increase, while the integrated circuit packaging and testing sector saw a negative growth for the first time in ten years, with sales of 293.22 billion yuan [3][5]. - The company's semiconductor business revenue for 2023 was 1.002 billion yuan, a decline of 20.88% year-on-year [3][5]. Market Competition - The semiconductor discrete device and integrated circuit packaging and testing sectors in China are highly competitive, with major international players holding significant market shares. The domestic market is the largest globally, attracting more competitors, which may lead to increased market competition [6][7]. Solar Paste Industry - The solar paste industry is closely tied to the fluctuations in the photovoltaic sector, which has seen rapid growth due to supportive policies since 2014. However, international trade policies and market dynamics can adversely affect the demand for solar paste products [5][7]. - The company has established a leading market position in the solar paste industry, but increasing competition may impact its market share and profitability [7][9]. Financial Performance - The company reported revenues of 3,268.20 million yuan, 4,087.35 million yuan, and a declining profit trend over the reporting periods. The comprehensive gross margin has decreased due to cyclical fluctuations in the semiconductor and solar paste industries, changes in market supply and demand, and increased R&D investments [14][12]. - The company’s inventory and accounts receivable have shown significant balances, indicating potential risks related to inventory management and collection of receivables, which could adversely affect financial performance [12][13].

证券简称：苏州固锝 证券代码：002079 苏州固锝电子股份有限公司 （江苏省苏州市通安开发区通锡路 31 号） 2024 年度向特定对象发行 A 股股票 募集说明书 二〇二五年七月 苏州固锝电子股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 （修订稿） 保荐机构（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 中国证监会、深圳证券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 ...

证券简称：苏州固锝 证券代码：002079 苏州固锝电子股份有限公司 （江苏省苏州市通安开发区通锡路 31 号） 2024 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐机构（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 二〇二五年七月 苏州固锝电子股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、深圳证券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 ...

证券代码：002079 证券简称：苏州固锝 关于苏州固锝电子股份有限公司 申请向特定对象发行股票的审核问询函 之回复报告 保荐机构（主承销商） 二〇二五年七月 深圳证券交易所： 贵所于 2025 年 6 月 16 日出具的《关于苏州固锝电子股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2025〕120023 号）（以下简称"《问询 函》"）已收悉，苏州固锝电子股份有限公司（以下简称"苏州固锝"、"公司"或 "发行人"）与广发证券股份有限公司（以下简称"保荐机构"）、江苏世纪同仁 律师事务所（以下简称"发行人律师"）及立信会计师事务所（特殊普通合伙） （以下简称"申报会计师"）等相关各方对问询函相关问题逐项进行了落实，现 对《问询函》回复如下，请审核。 说明： 一、如无特别说明，本回复报告中的简称或名词释义与募集说明书中的相同。 二、本回复报告中的字体代表以下含义： | 问询函所列问题 | 黑体 | | --- | --- | | 对问询函所列问题的回复 | 宋体 | | 对募集说明书的修改、补充 | 楷体（加粗） | 三、本问询函回复部分表格中单项数据加总数与表格合计数可能存在微小差 异，系四舍 ...

广发证券股份有限公司 关于苏州固锝电子股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 二〇二五年七月 | 目 | 录 1 | | --- | --- | | 声 | 明 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、发行人基本情况 3 | | | 二、本次证券发行的基本情况 13 | | | 三、保荐代表人、项目协办人及项目组其他成员情况 16 | | | 四、发行人与保荐机构的关联关系 17 | | 第二节 | 保荐机构的承诺事项 19 | | | 一、本保荐机构已按照法律法规和中国证监会及深圳证券交易所的相关规定， | | | 对发行人及其控股股东、实际控制人进行了尽职调查、审慎核查，充分了解 | | | 发行人经营状况及其面临的风险和问题，履行了相应的内部审核程序。...19 | | | 二、本保荐机构自愿接受深圳证券交易所的自律监管。 19 | | 第三节 | 保荐机构对本次证券发行上市的推荐意见 20 | | | 一、本保荐机构对本次证券发行上市的推荐结论 20 | | | 二、本次证券发行上市所履行的程序 20 | | | 三、本次发行符合上市条件 21 ...

关 于 苏 州 固 锝 电 子 股 份 有 限 公 司 2024 年 度 向 特 定 对 象 发 行 A 股 股 票 的 补 充 法 律 意 见 书 （ 一 ） 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编： 2 10019 电话： + 8 6 2 5 - 86633108 传真： + 8 6 2 5 - 8 3 3 2 9 3 3 5 江苏世纪同仁律师事务所 补充法律意见书（一） 江苏世纪同仁律师事务所 关于苏州固锝电子股份有限公司 2024 年度向特定对象发行 A 股股票的 补充法律意见书（一） 致：苏州固锝电子股份有限公司 根据《证券法》《公司法》等有关法律、法规和中国证券监督管理委员会发 布的《注册管理办法》《公开发行证券公司信息披露的编报规则第 12 号—公开 发行证券的法律意见书和律师工作报告》以及中国证监会、司法部共同发布的《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等有关规定，本所受公司委托，作为公司本次发行的特聘专项法律顾问， 就本次发行事宜，本所已于 2025 年 5 月 20 日出具了《江苏世纪同仁律师事务所 关于苏州固锝电子股份有限公司 ...

发行保荐书 广发证券股份有限公司 关于苏州固锝电子股份有限公司 2024 年度向特定对象发行 A 股股票 之 | 目 | 录 1 | | --- | --- | | 声 | 明 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、本次证券发行的保荐机构 3 | | | 二、本次证券发行的保荐机构工作人员情况 3 | | | 三、发行人基本情况 4 | | | 四、本次证券发行的保荐机构与发行人的关联关系 8 | | | 五、保荐机构内部审核程序和内核意见 9 | | 第二节 | 保荐机构的承诺事项 12 | | | 一、本保荐机构已按照法律、行政法规和中国证监会、深圳证券交易所的规 | | | 定，对发行人及其控股股东、实际控制人进行了尽职调查、审慎核查，同意 | | | 推荐发行人证券发行上市，并据此出具本证券发行保荐书。 12 | | | 二、本保荐机构已按照中国证监会、深圳证券交易所的有关规定对发行人进 | | | 行了充分的尽职调查，并对本次发行申请文件进行了审慎核查，本保荐机构 | | | 承诺： 12 | | 第三节 | 保荐机构对本次证券发行的推荐意见 13 | | | 一、本保荐 ...