Accotest(SH:688200) Zheng Quan Zhi Xing·2025-07-30 16:25Core Viewpoint - Beijing Huafeng Measurement and Control Technology Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its application for issuing convertible bonds to unspecified objects, detailing the use of raised funds and project adjustments [1][2]. Fund Utilization and Project Adjustments - The company plans to raise a total of no more than 1 billion yuan (100,000.00 million yuan) through the issuance of convertible bonds, which will be allocated to the research and development of self-developed ASIC chip testing systems and the construction of a high-end SoC testing system manufacturing center [5][6]. - The company has utilized 287.96 million yuan of over-raised funds to increase investment in the "Research and Innovation Project," with remaining funds from the "Integrated Circuit Advanced Testing Equipment Industrialization Base Construction Project" being used to permanently supplement working capital [2][4]. Financial Metrics and Project Costs - The total investment for the "Research and Innovation Project" is planned at 758.88 million yuan, with 749.48 million yuan expected to be funded through the raised capital [6][20]. - Non-capital expenditures for the project are projected to be 696.23 million yuan, accounting for 92.90% of the total raised funds, primarily consisting of research and development expenses [16][20]. Company Characteristics - The company meets the criteria for "light asset, high R&D investment" as defined by the Shanghai Stock Exchange, with fixed assets and related expenditures accounting for only 11.98% of total assets [16]. - The company has maintained a high R&D investment ratio, with recent figures showing R&D expenditures of 172.37 million yuan, representing 83% of operating income [18]. Comparison with Industry Peers - A comparative analysis with similar companies indicates that the company's equipment and software purchase costs, as well as R&D personnel salaries, are in line with industry averages, while its flow sheet costs are lower due to the nature of its current projects [13][15].