JQH(SZ:002885) Zheng Quan Zhi Xing·2025-06-13 13:48Core Viewpoint - The company plans to change part of its fundraising project from "Heyuan New Energy Magnetic Integrated Device Intelligent Manufacturing Project" to "Philippines New Energy Magnetic Integrated Device Intelligent Manufacturing Project," with a new subsidiary in the Philippines as the implementation entity [1][6][8]. Fundraising Overview - The company raised a total of RMB 435.50 million through a private placement of 13,089,870 shares at RMB 33.27 per share, with a net amount of RMB 420.57 million after deducting issuance costs [1][2]. - As of March 31, 2025, the company has invested RMB 130.15 million in the Heyuan project, with RMB 123.20 million remaining [4][5]. Project Changes and Implementation - The company has decided to allocate RMB 70.34 million from the Heyuan project to the new Philippines project to enhance fundraising efficiency and adapt to market conditions [6][9]. - The new project in the Philippines aims to establish a manufacturing base with a total construction area of 15,000 square meters, expected to produce 1 million magnetic components and 180,000 power products annually, generating an estimated annual revenue of RMB 110.20 million [8][12]. Strategic Rationale - The shift to the Philippines is intended to mitigate risks associated with trade uncertainties and enhance the company's competitive edge in the global supply chain [6][9]. - The Philippines is strategically located along the "Belt and Road" initiative, providing access to emerging markets like India, Indonesia, and Malaysia, which aligns with the company's long-term growth strategy [9][12]. Financial Projections - The project is projected to have a post-tax internal rate of return of 18.68% and a static investment payback period of 6.08 years, indicating strong profitability potential [18]. Corporate Governance - The company's board and supervisory committee have approved the changes, and the sponsor institution has issued a no-objection opinion, ensuring compliance with relevant regulations [19][20].