Aohong Electronics(SH:605058) Zheng Quan Zhi Xing·2025-07-02 16:28Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its application for issuing convertible bonds, specifically addressing financial and accounting issues related to its fundraising project for a production base in Thailand [1][2]. Group 1: Financing Scale and Effectiveness - The project aims to construct a production base in Thailand with a total investment of 595.04 million yuan, which includes building construction, site decoration, hardware equipment, and other costs. The project is expected to achieve an average annual revenue of 663.2 million yuan after reaching full production capacity, with a pre-tax internal rate of return of 13.77% and a payback period of 7.39 years [2][3]. - The project will have an annual production capacity of 1.2 million square meters for single-sided, double-sided, and multi-layer boards, with a total construction area of 70,574 square meters [8][10]. Group 2: Investment Breakdown - The investment breakdown for the project includes: - Construction costs: 157.51 million yuan, covering main factory buildings, auxiliary buildings, and employee living quarters [5][6]. - Hardware equipment costs: 384.28 million yuan, for production, testing, and storage equipment [6][7]. - Software tools: 2.5 million yuan for production management and control software [8]. - Other construction costs: 29.83 million yuan for land acquisition and management fees [8]. - Contingency costs: 2.82 million yuan, calculated as 0.5% of the project costs [8]. Group 3: Comparison with Industry Standards - The unit construction cost for the project is approximately 0.25 million yuan per square meter, which is within the reasonable range compared to similar projects in the region, where costs range from 0.21 to 0.45 million yuan per square meter [15][16]. - The project’s equipment investment per unit capacity is 320.23 yuan per square meter, which is lower than the average of 451.75 yuan per square meter for comparable projects in the industry, indicating a reasonable investment strategy [12][14].