征和工业: 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

Fundraising Plan - The total amount of funds raised through the issuance of shares will not exceed 818 million yuan, which will be used for specific projects after deducting issuance costs [1][2] Project Necessity and Feasibility Analysis Agricultural Machinery Component Expansion Project - The project aims to expand production capacity for agricultural machinery components, with a total investment of 433.48 million yuan, expected to yield a post-tax internal rate of return of 14.72% and a payback period of 8.42 years [2][3] - The project responds to the growing market demand driven by global population growth and increasing food needs, with the Chinese agricultural machinery market projected to reach 82.2 billion yuan in 2024 and grow to 146.7 billion yuan by 2030, reflecting a compound annual growth rate of approximately 10.1% [2][3] - The project will enhance the company's production capabilities and market competitiveness by adopting advanced production processes, thereby supporting the company's strategic goals and expanding profit margins [3][4] Garden Tool Chain System Project - This project involves an investment of 200.69 million yuan to produce saw chains, guide bars, and garden knives, with an expected post-tax internal rate of return of 13.04% and a payback period of 8.56 years [8][9] - The project capitalizes on the increasing demand for garden tools driven by urbanization and the growth of the gardening market, with the global garden equipment market projected to reach 72.39 billion dollars in 2024 [8][9] Micro Chain System R&D Project - The project focuses on the research and development of micro chain systems and is expected to enhance the company's core competitiveness in the market [11][12] - The project aligns with industry trends and government policies promoting innovation in robotics and smart technologies, providing a favorable environment for development [12][13] Use of Funds - A portion of the raised funds, amounting to 130 million yuan, will be used to supplement working capital, which is essential for the company's operational needs and to maintain sustainable growth [15][16] - The company aims to optimize its capital structure and improve its risk management capabilities through this fundraising initiative [15][16] Impact on Company Operations and Financial Status - The fundraising will enhance the company's asset scale and capital strength, contributing to improved liquidity and risk management [17] - While there may be a short-term decline in financial metrics such as return on equity and earnings per share, the long-term benefits of the projects are expected to enhance profitability and operational efficiency [17][18] Conclusion - The fundraising plan is aligned with national industrial policies and the company's strategic objectives, providing a strong basis for sustainable high-quality development [17][18]