TANGYUAN ELECTRIC(SZ:300789) Zheng Quan Zhi Xing·2025-05-12 12:47Fundraising Plan - The company plans to raise a total of up to RMB 864.14 million through a targeted stock issuance, with the net proceeds intended for specific projects [1][2] - The company will initially use self-raised funds for investment projects until the raised funds are available, and will adjust investment priorities based on the actual amount raised [1][2] Project Necessity and Feasibility Intelligent Operation and Maintenance Robot R&D - The project aims to develop a full range of intelligent operation and maintenance robots for rail transit, including various specialized robots and a supporting cloud platform [2][3] - The project aligns with the trend of upgrading rail transit maintenance equipment to digital and intelligent solutions, addressing current inefficiencies in manual inspections [2][3] AI Model Development - The project will develop an AI model for rail transit, integrating it into a big data management system to enhance maintenance efficiency and decision-making [10][11] - This initiative responds to national policies promoting digital transformation in the railway sector, aiming to improve operational efficiency and reduce costs [12][14] Market Potential - The market for intelligent operation and maintenance robots in rail transit is vast, with significant demand projected based on current operational mileage and potential penetration rates [8][9] - The company has established a strong foundation in key technologies and has accumulated extensive data resources, which will support the development of AI models [16][17] Marketing and Technical Service System Upgrade - The company plans to enhance its marketing and technical service capabilities to better penetrate core markets and improve customer engagement [18][19] - Establishing demonstration points for intelligent operation and maintenance will help showcase product capabilities and enhance market influence [20] Working Capital Supplement - The company intends to use part of the raised funds to supplement working capital, which is essential for supporting ongoing business growth and project execution [21][22] - The stable growth of the company's main business and a backlog of orders exceeding RMB 700 million highlight the increasing need for working capital [23] Impact on Operations and Financial Status - The fundraising will enhance the company's asset scale and capital strength, improving its financial stability and risk resistance [24] - While there may be short-term dilution of net asset returns, the long-term benefits from the investment projects are expected to enhance overall profitability [24] Conclusion on Feasibility - The investment projects are aligned with the company's main business and national industrial policies, demonstrating both necessity and feasibility [25]