华瓷股份: 华瓷股份2025年度向特定对象发行A股股票募集资金使用的可行性分析报告（修订稿）

Core Viewpoint - The report outlines the feasibility analysis for the fundraising plan of Hunan Hualian Ceramics Co., Ltd., focusing on the establishment of a new production base in Vietnam to enhance production capacity and meet growing international demand for colored glaze ceramics [5][19]. Fundraising Plan - The total amount to be raised from the issuance is not to exceed 700 million yuan, with the net proceeds intended for specific investment projects [3][4]. - The total investment for the project is estimated at 1.438 billion yuan, with 700 million yuan allocated from the fundraising [4]. Project Overview - The project will be located in Vietnam's Thanh Hoa Province, aiming to establish an overseas production base for daily-use ceramics [5]. - The project is expected to generate an annual revenue of 1.405 billion yuan and a net profit of 271.919 million yuan once operational [5]. Necessity and Feasibility Analysis - The company has experienced high sales rates for its colored glaze ceramics, indicating a need for increased production capacity to meet customer demand [5]. - The establishment of the new production base is crucial for enhancing the company's competitive edge and expanding its market share in both domestic and international markets [6][8]. Economic Benefits - The project is projected to achieve a post-tax internal rate of return of 14.25% and a payback period of 9.12 years [5]. - The company has a strong international customer base, with over 200 clients across more than 60 countries, making the project strategically important for global market penetration [6][16]. Industry Context - The ceramics industry is undergoing a transformation with advancements in production technology, necessitating the adoption of automated and intelligent manufacturing processes [7][8]. - Vietnam is positioned as a favorable investment destination due to its stable political environment, low labor costs, and strategic geographical location [13][14]. Strategic Alignment - The project aligns with China's Belt and Road Initiative, enhancing the company's ability to participate in international trade and investment [10][11]. - The establishment of the production base in Vietnam will complement the company's domestic operations and strengthen its supply chain [9][12]. Regulatory Compliance - The project has obtained necessary approvals and permits from relevant authorities in both China and Vietnam, ensuring compliance with local regulations [19].