两个子公司项目还亏着，又要花7亿元“干大事” 赛特新材回复问询：前瞻性布局

Core Viewpoint - Despite ongoing losses from two subsidiaries, the company has announced new investment plans totaling approximately 700 million yuan, raising questions about the rationale behind its capacity expansion and funding sources [2][3][5]. Group 1: Financial Performance and Investment Plans - The company’s subsidiaries, Weijiji (Xiamen) Technology Co., Ltd. and Anhui Sait New Materials Co., Ltd., are still in the investment and capacity ramp-up phases, leading to continuous losses [3][4]. - Anhui Sait has invested approximately 288 million yuan in the "Sait Vacuum Industry Manufacturing Base (Phase I)" project, with a funding progress of 66.38% [3]. - The Weijiji vacuum glass project faced delays due to infrastructure issues, with a total investment of 319 million yuan as of March this year [3][4]. Group 2: Funding and Financial Health - The company reported a total cash and trading financial assets balance of 268 million yuan against short-term and long-term borrowings of 233 million yuan as of Q1 2025, indicating a declining net cash flow from operating activities [6]. - The funding sources for the new projects are approximately 20% from self-owned funds and 80% from self-raised funds [7]. - The company maintains an asset-liability ratio below 44% and a current ratio above 2, with unused bank credit lines of 698 million yuan as of March 31, 2025, indicating a stable financial position [8]. Group 3: Strategic Rationale for Capacity Expansion - The company argues that maintaining a capacity utilization rate above 95% necessitates the updating of aging equipment and expansion of capacity to meet future demand in downstream applications [8]. - Future applications for vacuum insulation panels and vacuum glass are expected to extend into construction, transportation, and new energy sectors, enhancing the company's competitive edge [8].