尚太科技回复可转债审核问询函：剖析经营状况与募投项目

Core Viewpoint - The company has provided a detailed response to the Shenzhen Stock Exchange regarding its application for issuing convertible bonds, outlining its operational status and fundraising project plans [1] Group 1: Operational Analysis - The company's main business includes negative electrode materials and graphitized coke, with sales revenue for negative electrode materials over the past three years being 4.198 billion, 3.736 billion, and 4.707 billion yuan, showing an 11.01% year-on-year decrease in 2023 due to market competition and price declines [2] - The gross profit margins have decreased over the years, recorded at 41.65%, 27.74%, and 25.72% [2] - Net profit attributable to the parent company was 1.289 billion, 722.9 million, and 838.3 million yuan over the same period [2] - Accounts receivable have consistently increased, with a 66.67% rise at the end of 2023 compared to 2022 [2] - The asset-liability ratios were 41.41%, 23.64%, and 32.38% respectively [2] - The company reported negative cash flow from operating activities over the past three years, with figures of -794.4 million, -416.4 million, and -284.4 million yuan [2] Group 2: Business Segment Analysis - The negative electrode materials segment contributed over 85% to the company's revenue during the reporting period, with sales prices declining from 2022 to 2024, but showing a slight increase in the first half of 2025 [2] - The company has implemented a differentiated product strategy to enhance competitiveness, with projected revenue growth of 25.97% in 2024 and 68.42% in the first half of 2025 [2] - The carbon products segment, primarily graphitized coke, has a lower revenue contribution and is subject to significant price fluctuations based on raw material costs and downstream demand [2] Group 3: Fundraising Project Insights - The company plans to raise up to 1.734 billion yuan for a new integrated production project for 200,000 tons of lithium battery negative electrode materials annually [3] - The project is expected to have a tax-adjusted static investment recovery period of 8.11 years and an internal rate of return of 12.82% [3] - The project aligns with industry growth trends and the company's market position, with plans to manage capacity and customer distribution effectively [3] - There are risks associated with land use and environmental approvals for the project, but the company has prepared countermeasures [3]