科华控股: 科华控股股份有限公司2025年度向特定对象发行A股股票预案

Company Overview - Kehua Holdings Co., Ltd. is engaged in the research, production, and sales of automotive turbocharger components and other key parts for automotive power units and chassis transmission systems [10][11] - The company has established itself as a leading player in the turbocharger component sector, with a focus on expanding its market share both domestically and internationally [10][11] Issuance Plan - The company plans to issue up to 30,000,000 A-shares, which will account for no more than 30% of the total share capital before the issuance [15][27] - The issuance price is set at RMB 10.87 per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing benchmark date [15][16] - The total expected fundraising amount is approximately RMB 326.1 million, which will be used entirely to supplement working capital after deducting issuance costs [15][17] Shareholder Structure - Following the issuance, the shareholding ratio of the acquirers, Lu Hongping and Tu Han, will increase to 34.73%, enhancing their control over the company [1][12] - The current actual controller, Chen Hongmin, will see a change in control to Lu Hongping and Tu Han after the completion of the share transfer [14][19] Market Context - The automotive industry is experiencing a shift towards stricter environmental regulations, driving demand for turbochargers that enhance fuel efficiency and reduce emissions [6][9] - The penetration rate of turbochargers in the automotive market is expected to increase, particularly in hybrid and fuel-efficient vehicles, supported by government policies promoting energy conservation and emission reduction [9][11] Financial Implications - The issuance is expected to improve the company's capital structure, reduce financial costs, and enhance its ability to withstand risks, thereby supporting long-term sustainable development [11][12] - The company has a high asset-liability ratio, indicating significant short-term repayment pressure, which the new funds will help alleviate [11][12]