Core Viewpoint - Jiangsu Benchuan Intelligent Circuit Technology Co., Ltd. plans to issue convertible bonds to raise up to 490 million yuan for production base construction and working capital [1] Group 1: Fundraising and Projects - The company intends to use the raised funds primarily for two production bases: a 300,000 square meter intelligent circuit product production project in Zhuhai and a PCB production base in Thailand [1][4] - The total new annual production capacity from these projects is expected to reach 550,000 square meters, addressing capacity bottlenecks amid increasing orders [5] Group 2: Financial Performance - The company experienced significant financial volatility, with a net profit of -6.7393 million yuan in 2023 due to declining market demand and rising raw material costs [1] - In 2024, the company is projected to recover, achieving a net profit of 16.9704 million yuan, marking a turnaround [1] Group 3: Previous Investment Performance - The company's previous IPO fundraising project, aimed at expanding production capacity, has underperformed, generating only 12.2741 million yuan and 16.7426 million yuan in 2023 and 2024, respectively, below expected returns [6] - The company has acknowledged risks associated with the new fundraising projects, including potential underperformance and capacity absorption challenges [6]