Group 1 - The core point of the article is that Changgao Electric New Technology Co., Ltd. has received an inquiry letter from the Shenzhen Stock Exchange regarding its application to issue convertible bonds to unspecified investors, which requires further review and approval from regulatory authorities [1] - The company is working with relevant intermediaries to address the inquiries and update the application documents, including the 2025 semi-annual report [1] - The issuance of the convertible bonds is contingent upon approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty regarding the approval timeline [1]

Core Viewpoint - Changgao Electric New Technology Co., Ltd. has responded in detail to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, addressing key issues such as business dependence and fundraising projects, which has attracted market attention [1] Customer Dependence and Response Strategy - The main business of Changgao Electric New includes power transmission and transformation equipment, as well as power survey design and engineering contracting services, with power transmission and transformation equipment being the core business. Sales revenue from State Grid and its subsidiaries accounted for over 85% during the reporting period. The company believes this high customer concentration aligns with industry characteristics, as the downstream market primarily consists of the power grid construction sector, where State Grid holds a significant market share. The investment plans and bidding policies of State Grid are stable, with total investments planned by State Grid and Southern Grid exceeding 825 billion yuan from 2022 to 2025 [2] - To mitigate potential performance volatility risks, the company has developed response strategies across three dimensions: product, technology, and market. In terms of products, it aims to expand its product line through three fundraising projects to cover all voltage levels and smart products. Technologically, it continues to increase investment in R&D and quality control. In the market dimension, it seeks to deepen multi-level market development, optimize customer structure, and actively expand customers outside the State Grid system [2] Profit Margin Analysis of Power Transmission and Transformation Equipment - From 2022 to 2024, the gross profit margins of Changgao Electric New's medium and high-voltage switches, closed combined electrical appliances, and complete electrical appliances showed an overall upward trend, with some fluctuations in the first half of 2025. Factors driving this include product structure optimization, State Grid policies driving price increases, declining raw material prices, and cost dilution from economies of scale. For example, the gross profit margin of closed combined electrical appliances increased from 2022 to 2024 due to price increases, economies of scale, and declining raw material prices, while it declined in the first half of 2025 mainly due to delivery cycles and raw material price changes. The gross profit margin of complete electrical appliances improved due to the growth of main product margins and an increase in the proportion of high-margin products, while it declined in the first half of 2025 due to procurement policy adjustments. The gross profit margin of high-voltage switch products overall increased due to the combined effects of raw material prices, product structure, and State Grid policies. Compared to peer companies, the trend of gross profit margin changes for Changgao Electric New is generally consistent, and future gross profit margin levels are expected to remain stable [3] Accounts Receivable and Goodwill Situation - As of March 31, 2025, Changgao Electric New had accounts receivable of 80.93 million yuan, other receivables of 514.25 thousand yuan, and contract assets of 19.19 million yuan from Chunhua Zhonglue Wind Power Co., Ltd. that have not been recovered. The 80MW wind power project meets the conditions for inclusion in the subsidy project list but has not yet been declared, and the electricity price subsidy has not been implemented. If the project is subsequently included in the subsidy project list and receives the electricity price subsidy, the related receivables will not face recovery risks; otherwise, there may be risks, but the company has made corresponding provisions for bad debts, which will have a minimal impact on performance and ongoing operations. Other similar projects do not face similar risks, and the receivables do not belong to non-operating fund occupation by related parties, with effective internal control measures in place [4] - The company assesses accounts receivable credit risk characteristics to make provisions for bad debts, with a higher overall provision ratio for accounts receivable over five years compared to China West Electric, aligning closely with the average of comparable companies. The provision for bad debts is deemed sufficient and reasonable. The book value of goodwill is 65.41 million yuan, arising from the acquisition of Hunan Changgao Electric Co., Ltd. and Hunan Changgao Senyuan Power Equipment Co., Ltd. Both companies have performed well during the reporting period, and goodwill impairment testing has shown that the relevant parameters and assumptions are reasonable, with no impairment occurring, making the lack of goodwill impairment provisions reasonable [5] Fundraising Project Details - On May 16, 2025, the board of directors of Changgao Electric New approved an increase in fundraising, which does not directly apply to the provisions of the "Securities and Futures Legal Application Opinion No. 18" but has followed internal review procedures. The fundraising projects involve multiple entities and are deemed reasonable, with the fundraising products aligning with the main business of the implementing entities, allowing for separate and accurate accounting of investments and benefits. The newly added product, mutual inductors, is closely related to existing products in terms of raw materials, technology, and customers. The company has mastered the key technologies for mutual inductors and possesses the capability for mass production and sales, with no significant uncertainties in the implementation of the fundraising projects. The fundraising will be directed towards the main business, ensuring self-control over mutual inductors, reducing costs, and enriching the product matrix. The scale of new production capacity from the fundraising projects has been cautiously evaluated, considering State Grid's centralized procurement policies, industry development, and competition, with minimal risks of being unable to digest the new capacity through State Grid's centralized procurement. The existing production capacity utilization rate was low in the first quarter due to seasonal and production mode impacts but significantly improved in the second quarter, with no idle risks for existing capacity and no impairment risks for related fixed assets. The pricing basis for each fundraising product is reasonable, with some products expected to have gross profit margins higher than similar products during the reporting period, which is deemed reasonable. The new depreciation and amortization from the fundraising projects will increase in the short term but is not expected to have a significant adverse impact on the company's performance [8][9]

股票简称：长高电新 股票代码：002452 长高电新科技股份公司 （Changgao Electric Group Co., Ltd.） （长沙市望城经济技术开发区金星北路三段 393 号） 向不特定对象发行可转换公司债券并在 主板上市 募集说明书 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025 年 9 月 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 重大事项提示 本公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、关于本次可转债发行符合发行条件的说明 根据《证券法》《 ...

关于长高电新科技股份公司 向不特定对象发行可转换公司债券申请文 件的审核问询函的回复 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 深圳证券交易所： 贵所于 2025 年 9 月 2 日下发的《关于长高电新科技股份公司申请向不特定 对象发行可转换公司债券的审核问询函》（审核函〔2025〕120032 号）（以下简 称"《问询函》"）已收悉。 根据贵所的要求，长高电新科技股份公司（以下简称"公司"、"发行人"、 "长高电新"）会同华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保 荐人"）、湖南启元律师事务所（以下简称"发行人律师"）、中审华会计师事务所 （特殊普通合伙）（以下简称"申报会计师"）等中介机构进行了认真研究和落实， 并按照《问询函》的要求对所涉及的事项进行了资料补充和问题回复，现提交贵 所，请予审核。 如无特别说明，相关用语释义与《长高电新科技股份公司向不特定对象发行 可转换公司债券募集说明书》（以下简称"募集说明书"）一致。 本问询函回复的字体说明如下： | 问询函所列问题 | 黑体 | | --- | --- | | 对问询函所列问题的 ...

长高电新科技股份公司 < | 目录 | 页码 | | --- | --- | | 一、审计报告 | 1-6 | | 二、己审财务报表 | | | 合并资产负债表 | 7-8 | | 、合并利润表 | 9 | | 、合并现金流量表 | 10 | | 、合并所有者权益变动表 | 11-12 | | 、母公司会计报表 | 13-18 | | 、财务报表附注 | 19-117 | | 三、附件 | | 审计机构营业执照及执业许可证复印件 2022 年度 审计报告 CAC 证审字 [2023]0137 审计机构:中审华会计师事务所(特殊普通合伙) 此码用于证明该审计报告是否由具有执业许可的会计师事务所出具， 您可使用手机"扫一扫 或进入"注册会计师行业统一 监管平台 叩:/ /.cc .mof.gov.c~ • 进行查验 报告编码，津 GTCHPZK5 fL … ·· FLm ••••••••• -··· ••••• 申审华 主计 师雪 亮JiJí CAC CPA LlMITED LlABILlTY PARTNERSHIP 天津市和平区解放北路 188 号信达广场 52 层邮编 :300042 51/F (.nl" P ...

关于长高电新科技股份公司 申请向不特定对象发行可转换公司债券的 审核问询函的 回 复 审计机构:中审华会计师事务所(特殊普通合伙) 中审华会计师事务所(特殊普通合伙) 《关于长高电新科技股份公司申请向不特定对象发行可转换公司债 券的审核问询函》的 E 复 深圳证券交易所: 贵所于 2025年9月2日下发的《关于长高电新科技股份公司申请向不特定 对象发行可转换公司债券的审核问询函》(审核函(2025)120032号)(以下简 称"《问询函》")已收悉。 根据贵所的要求,中审华会计师事务所(特殊普通合伙)(以下简称"申报 会计师")对问询函中提到的需要会计师核查的问题,会同长高电新科技股份公 司(以下简称"公司"、"发行人"、"长高电新"),以及华泰联合证券有限责任公 司(以下简称"华泰联合证券"、"保荐人")、湖南启元律师事务所(以下简称"发 行人律师")等中介机构进行了认真研究和审慎核查,并按照《问询函》的要求 对所涉及的事项进行了资料补充和问题回复。现提交贵所,请予审核。 如无特别说明,相关用语释义与《长高电新科技股份公司向不特定对象发行 可转换公司债券募集说明书》(以下简称"募集说明书")一致。 本问询函 ...

湖南启元律师事务所 关于 长高电新科技股份公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） $$\Xi=0\pm\pi\hbar\pi$$ 致：长高电新科技股份公司 湖南启元律师事务所（以下简称"本所"）接受长高电新科技股份公司（以 下简称"长高电新"、"发行人"或"公司"）的委托，担任发行人申请向不特 定对象发行可转换公司债券（以下简称"本次发行"）的专项法律顾问。 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》《律师事务所从事证券法律业务管理办法》《律师事务所证 券法律业务执业规则（试行）》等法律、法规、规范性文件的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，就发行人本次发行事宜出具 了《湖南启元律师事务所关于长高电新科技股份公司向不特定对象发行可转换公 司债券的律师工作报告》（以下简称"《律师工作报告》"）和《湖南启元律师 事务所关于长高电新科技股份公司向不特定对象发行可转换公司债券的法律意 见书》（以下简称"《法律意见书》"）。 2025年9月2日，深圳证券交易所（以下简称"深交所"）出具了审核函〔2025〕 120032号《关于 ...

关于长高电新科技股份公司 向不特定对象发行可转换公司债券并在 主板上市之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 发行保荐书 华泰联合证券有限责任公司 关于长高电新科技股份公司 向不特定对象发行可转换公司债券并在主板上市之发行保 荐书 长高电新科技股份公司（以下简称发行人、长高电新）申请向不特定对象发 行可转换公司债券并在主板上市，依据《公司法》《证券法》《上市公司证券发行 注册管理办法》（以下简称《再融资注册办法》）等相关的法律、法规的有关规定， 提交发行申请文件。华泰联合证券有限责任公司（以下简称华泰联合证券、保荐 人）作为其本次发行的保荐人，刘栋和刘天际作为具体负责推荐的保荐代表人， 特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人刘栋和刘天际承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易所 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、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。 1 | 目录 2 | | | --- | - ...

上市保荐书 华泰联合证券有限责任公司关于 长高电新科技股份公司向不特定对象发行可转换公司债券 并在主板上市之上市保荐书 深圳证券交易所： 作为长高电新科技股份公司（以下简称发行人、公司）向不特定对象发行可 转换公司债券并在主板上市的保荐人，华泰联合证券有限责任公司及其保荐代表 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》）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）及贵所的有关规定，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。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：长高电新科技股份公司 注册地址：长沙市望城经济技术开发区金星北路三段 393 号 注册时间：1998 年 4 月 23 日 联系方式：0731-8858 5095 （二）发行人的主营业务 发行人主营业务包括输变电设备业务以及电力勘察设计和工程总包业务两 个板块，致力于成为"电力能源综合服务商"。输变电设备领域是发行人的核心 业务板块，主要产品包括高压开关、封闭式组合电器、成套 ...

证券代码：002452 证券简称：长高电新 公告编号：2025-46 长高电新科技股份公司 关于向不特定对象发行可转换公司债券的审核问询函回复及 募集说明书等申请文件更新的提示性公告 2025 年 9 月 27 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 长高电新科技股份公司（以下简称"公司"）于 2025 年 9 月 2 日收到深圳 证券交易所（以下简称"深交所"）出具的《关于长高电新科技股份公司申请向不 特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕120032 号，以 下简称"审核问询函"）。 公司按照审核问询函的要求，会同相关中介机构就审核问询函中提出的问题 进行了认真研究和逐项落实，并对问询函进行了回复和说明，结合公司已披露的 《2025 年半年度报告》，对募集说明书等申请文件进行了补充和更新，具体内 容详见公司于 2025 年 9 月 27 日在巨潮资讯网（www.cninfo.com.cn）披露的相关 公告。 公司本次向不特定对象发行可转换公司债券尚需通过深交所审核，并获得中 国证券监督管理委员会（以下简称"中国证监会"）同 ...