研发费用资本化、人员扩张与收入预测合理性遭问询 直真科技回复

Core Viewpoint - Zhizhen Technology (003007.SZ) is under scrutiny from the Shenzhen Stock Exchange due to its high capitalized R&D expenses, changes in personnel structure, and the reasonableness of its revenue forecasts related to its fundraising projects [1][2] Group 1: Capitalization of R&D Expenses - The amount of capitalized R&D expenses is significantly higher than in previous years, raising questions about compliance with accounting standards [1] - The company claims that the high capitalized amount is justified as it covers multiple product line upgrades and platform R&D, which aligns with the conditions for capitalization under accounting standards [2] Group 2: Personnel Structure Changes - The number of R&D personnel has decreased from 569 to 465, while the fundraising plan anticipates adding 281 new R&D staff, which would represent 60.43% of the current R&D team [1] - The company explains that the new hires will focus on new areas such as intelligent networks and computing resource scheduling, indicating a structural adjustment rather than a simple increase in headcount [2] Group 3: Revenue Forecasts - The company predicts that the fundraising projects will achieve high revenue levels, potentially exceeding current overall revenue, despite a contraction in investment within the telecommunications industry [1] - The company acknowledges the current cost-cutting phase among operators but emphasizes ongoing demand in emerging fields like computing networks and home terminals, supported by initial market validation through contracts with provincial operators and local government projects [2]