Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, covering key aspects such as operational status and the acquisition of AC Company [1] Group 1: Operational Analysis - Guanghong Technology's revenue for the reporting period was 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, with net profits attributable to ordinary shareholders (after deducting non-recurring gains and losses) of 261.25 million, 373.49 million, 240.60 million, and 29.77 million respectively [2] - The trends in revenue and net profit after deductions are not entirely consistent, with both showing aligned trends in 2023, while in 2024 and the first half of 2025, discrepancies arose due to declining gross margins and increased management expenses [2] - The EMS industry has shown a growth trend, with a compound annual growth rate of approximately 5.58% from 2017 to 2023, and is expected to reach 644.9 billion by 2028 [2] - Guanghong Technology has established a strong market position through rapid response, quality control, and customer resources [2] Group 2: Customer and Supplier Relationships - The top five customers account for 73.28%, 76.22%, 72.23%, and 67.06% of sales, indicating a slightly higher customer concentration compared to industry peers, primarily due to revenue being sourced from the consumer electronics sector [3] - The company has long-term stable relationships with major customers, with no single customer contributing more than 40% of sales, indicating low dependency risk [3] - There are instances of overlap between customers and suppliers, such as with Huajin Technology and Longqi Technology, due to certain materials being processed and sold to third-party clients [3] Group 3: Accounts Receivable and Construction Management - Accounts receivable are primarily aged within one year, with good post-period collection performance and sufficient bad debt provisions in compliance with accounting standards [4] - As of June 30, 2025, ongoing construction projects include equipment installation, factory construction, and other installation projects, with strict adherence to accounting standards and internal controls [4] Group 4: Acquisition of AC Company - The acquisition of AC Company is based on mutual industry positioning and operational considerations, as AC Company also operates in the EMS sector, providing synergistic benefits [5] - The transaction arrangements for acquiring AC Company and TIS factory equity comply with agreements, with fair pricing and accurate information disclosure, ensuring no harm to the interests of the listed company or minority investors [6] Group 5: Evaluation and Integration Planning - The evaluation methods used for the acquisition have reasonable parameters, and the asset pricing is fair compared to market benchmarks and historical evaluations [7] - Guanghong Technology possesses the necessary personnel, technology, and market reserves for integrating the acquired assets, with a feasible integration control plan in place [7] - The acquisition is not expected to introduce significant adverse impacts on competition or the independence of the listed company's operations [7]
光弘科技回复定增审核问询函,解析经营与收购情况