Tonhe TECH.(SZ:300491) Zheng Quan Zhi Xing·2025-08-29 18:13Core Viewpoint - The company plans to issue convertible bonds to raise up to 521.93 million yuan for business development and to enhance its sustainable growth capabilities [2][3]. Fundraising Plan - The total amount to be raised from the convertible bond issuance is capped at 521.93 million yuan, which will be allocated to specific projects after deducting issuance costs [2]. - The company may initially invest its own funds in the projects before the raised funds are available, and if the net amount is less than planned, it will implement projects in order of priority [2]. Background and Purpose of the Issuance - The issuance is driven by the rapid growth in demand for computing power, particularly in the context of artificial intelligence and digital economy [3]. - The global computing power scale reached 1,397 EFlops in 2023, with a growth rate of 54%, indicating a significant increase in demand for computing equipment [3]. - The Chinese intelligent computing center market is projected to grow from 879 billion yuan in 2023 to 2,886 billion yuan by 2028, with a compound annual growth rate of 26.8% [3]. Market Demand and Technological Trends - The demand for data center electricity is expected to rise, with global AI data centers projected to consume approximately 4,150 billion kWh by 2024 [4]. - The company aims to optimize power supply and distribution systems to meet the increasing efficiency demands of data centers [4][5]. - The HVDC (High Voltage Direct Current) solution is highlighted as a more efficient alternative to traditional UPS systems, with advantages in stability, reliability, and cost [5][6]. Project Implementation and Necessity - The company plans to establish a specialized R&D and production base for HVDC systems in Shijiazhuang and Xi'an, with a total investment of 406.93 million yuan over two years [8]. - The project aims to enhance the manufacturing capacity of HVDC products and align with the growing demand in the data center sector [8][9]. - The company has already developed HVDC products and is beginning to generate revenue from these offerings [7][8]. Financial Impact and Feasibility - The issuance of convertible bonds is expected to improve the company's capital structure and reduce financial risk compared to traditional bank financing [7][21]. - The company anticipates that the project will yield a post-tax internal rate of return of 14.96% and a payback period of approximately 9.97 years [18]. - The funds will also be used to supplement working capital, addressing the increasing operational funding needs due to business growth [20]. Conclusion - The fundraising initiative aligns with national industrial policies and market trends, enhancing the company's competitive position and long-term sustainability [21].