江苏亚威机床股份有限公司向特定对象发行股票审核问询函回复解读：资金来源、募投项目与经营情况剖析

Core Viewpoint - Jiangsu Yawen Machine Tool Co., Ltd. has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific stock issuance, with key responses provided by the auditing firm. Fund Sources and Compliance - The subscription for the stock issuance will be made by Yangzhou Chanfang Group, with a total fundraising amount of 924.57 million yuan, where 40% will be paid using self-owned funds and 60% through acquisition loans [1] - The group has a cash balance of 446 million yuan as of June 30, 2025, ensuring sufficient funds for daily operations after the subscription payment [1] Project Benefit Assessment - The project is expected to save 349.62 million yuan in external structure component purchases annually, achieving a post-tax net profit of 41.38 million yuan, with a post-tax internal rate of return of 9.69% and a payback period of 11.01 years [2] Depreciation and Amortization Impact - The project will incur increased depreciation and amortization, but the impact on future profitability and operational performance is expected to be limited [3] Business Performance Analysis - The main revenue source is from metal forming machine tools, with expected growth from 2022 to 2024, although a decline was noted in Q1 2025 due to order structure and customer acceptance processes [4] - Laser processing equipment revenue fluctuated, with a decline in 2023 due to price drops, but a recovery is anticipated in 2024 [4] - The company maintains a stable customer base for its overseas sales, with no significant adverse effects from trade friction [4] Accounts Receivable and Inventory Management - Some overseas dealers have high accounts receivable balances, but the company is actively managing collections and has not relaxed credit policies [5] - Inventory management aligns with business models, with a high proportion of goods shipped within one year, indicating low risk of inventory obsolescence [5] Financial Position and Investment Necessity - The company has a projected funding gap of 673.84 million yuan over the next three years, necessitating the current fundraising to supplement working capital and repay bank loans [6] - Financial investments are within acceptable limits, with no significant risks from external investments [6] Legal and Regulatory Compliance - Ongoing litigation and administrative penalties are being managed appropriately, with no significant adverse effects on the company’s financial position [6] - The company has taken effective corrective measures regarding past issues, ensuring compliance with regulations [7] Goodwill Impairment - Goodwill impairment testing has been conducted with reasonable parameters, and no significant impairment has been identified for certain subsidiaries [7]