DBG(SZ:300735) Xin Lang Cai Jing·2025-09-22 11:59Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. has provided a detailed response to the Shenzhen Stock Exchange regarding its application for a specific stock issuance, addressing various aspects of its operations, finances, and acquisitions [1] Financial and Operational Analysis - During the reporting period, Guanghong Technology's operating revenues were 4,179.78 million, 5,402.45 million, 6,881.41 million, and 1,195.79 million, while the net profits attributable to ordinary shareholders after deducting non-recurring gains and losses were 261.25 million, 373.49 million, 240.60 million, and 29.77 million [2] - The company explained that the inconsistent trends in operating revenue and net profit for 2024 and the first half of 2025 were mainly due to declining gross margins and increasing management expenses [2] - The business model primarily follows a "sales-driven production, production-driven procurement" approach, with no single customer accounting for more than 40% of sales and no single supplier accounting for more than 30% of purchases, indicating no significant dependency [2] - Ongoing construction projects include the installation of equipment and factory buildings, with the Shenzhen Guanghong Technology Smart Park and the fourth phase of the Vietnam factory still under construction as of June 2025 [2] - Interest capitalization for the construction of the Smart Park complies with accounting standards [2] Strategic Considerations for Acquisition of AC Company - The total amount to be raised for the acquisition of 100% of AC Company and 0.003% of TIS factory, along with supplementary working capital, is not to exceed 1,032.94 million [3] - AC Company ranks 47th among global EMS providers and focuses on electronic manufacturing services in the automotive electronics sector [3] - The acquisition is aligned with national policies encouraging mergers and acquisitions to support core business development, and the growth of the new energy vehicle industry presents opportunities in the automotive electronics EMS sector [3] - The acquisition is expected to enhance Guanghong Technology's global industrial layout and improve its operational sustainability and risk resistance [3] - There is synergy between Guanghong Technology and AC Company in products, services, procurement, and regional layout, making the investment necessary [3] Transaction Arrangement and Compliance - The acquisition transaction timeline is clear, with a reasonable pricing basis established on the listing price from the Beijing Property Exchange, ensuring fairness [4] - All preconditions for the transaction have been met, including foreign direct investment permits, antitrust approvals, and necessary regulatory documents from Chinese authorities [4] - The company has fulfilled required decision-making procedures and information disclosure obligations, with clear ownership of the target company and no legal obstacles to the acquisition [4] - The comprehensive response from Guanghong Technology provides important insights for investors regarding the company's strategy and operations [4]