直真科技回复深交所问询：客户集中度高，募投项目或提升依赖度

Core Viewpoint - Beijing Zhizhen Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, with the audit firm conducting a thorough review of the related issues [1] Customer Concentration and Dependency - The company has a high customer concentration, with the top five customers accounting for 88.55% to 91.52% of total revenue over the reporting periods, and the largest customer, China Mobile, contributing 77.55% to 83.04% of revenue [2] - The telecom industry in China is characterized by oligopolistic competition, leading to high customer concentration for software and IT service companies [2] - The company's core product is OSS software for telecom operators, with long-term cooperation agreements in place, indicating a stable revenue stream despite significant reliance on China Mobile [2] Fundraising and Investment Projects - The primary target customers for the fundraising projects remain telecom operators, which may further increase customer concentration [3] - The company plans to diversify its customer base through technological innovation and expansion into non-telecom sectors [3] - The fundraising aims to raise 661.89 million yuan for multiple projects, primarily upgrading existing business products, which aligns with industry trends and customer needs [8] Cost Structure and Profitability - The company relies heavily on outsourced services, which accounted for 60.82% to 70.93% of main business costs, with personnel costs ranging from 15.34% to 34.55% [4] - The overall gross margin has shown a fluctuating upward trend, driven by an increase in high-margin software development and technical services [4] Research and Development - The company has a clear structure for R&D expenses, with a higher R&D expense ratio compared to peers in 2024-2025, influenced by customer structure and seasonal fluctuations [5] - The company has experienced significant fluctuations in net cash flow from operating activities, primarily due to variations in cash receipts and payments related to sales and services [5] Contract Assets and Goodwill - Contract assets have been increasing, reflecting a longer collection cycle from telecom operators, with no issues related to revenue recognition [7] - The company has conducted impairment tests on goodwill related to its acquisition of Yirsoft Technology, with appropriate provisions made for potential impairments [7] Overall Financial Health - The company has a reasonable capitalized R&D model for its fundraising projects, with a higher capitalized rate compared to existing operations [9] - The projected funding gap over the next three years is estimated at 935 million yuan, indicating the necessity of the current fundraising efforts [8]