Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding the necessity of its fundraising projects, previous fundraising usage, and its business and operational conditions [1] Fundraising Projects - The current fundraising project includes the construction of a new production line for 3 million sets of motorcycles, electric vehicles, and core components, along with marketing network and information system upgrades. The company plans to add 200,000 units of fuel motorcycle capacity, 1.7 million units of electric bicycle capacity, and 1.1 million units of electric motorcycle capacity. The projects have not yet obtained land use rights or environmental assessments. The company's latest cash balance is 7.753 billion yuan, and it aims to raise no more than 2.5 billion yuan [2] - The marketing network project has a total investment of 900 million yuan, with 450 million yuan planned to be funded from the raised capital, aiming to establish 4,900 new stores. The information system upgrade project requires an investment of 120 million yuan, primarily for software and hardware procurement, constituting capital expenditure. The company has a funding gap of approximately 2.614 billion yuan, exceeding the planned fundraising scale, indicating the necessity and rationality of this financing [2] Previous Fundraising - The previous fundraising projects included the expansion of power sports equipment and the intelligent transformation of production lines, as well as the upgrade of the R&D center. In April 2023, the company adjusted its internal investment structure and amounts, increasing the civil engineering budget while reducing equipment purchase and installation costs. The adjusted projects are expected to be operational by March 2024, achieving the original goals. The R&D center upgrade has enhanced the company's R&D capabilities, resulting in multiple honors and patent achievements. The total non-capital expenditures from the previous fundraising exceeded the total amount raised by 321.2368 million yuan, which will be deducted from the current fundraising total [3] Business Operations - The company's main business revenue is categorized into all-terrain vehicles, fuel motorcycles, electric two-wheelers, parts, and others. Revenue figures from 2022 to Q1 2025 are 11.378 billion yuan, 12.110 billion yuan, 15.038 billion yuan, and 4.250 billion yuan, with gross margins of 24.45%, 32.73%, 30.06%, and 29.73% respectively. Over 70% of sales are from overseas markets, primarily in North America and Europe [4] - Revenue and gross margin changes for each product are influenced by various factors. For instance, all-terrain vehicles are affected by market demand and exchange rates, while fuel motorcycles benefit from increased recreational demand, and electric two-wheelers see sales growth due to model expansion. Sales in overseas markets have varied, with North America experiencing rapid growth in the first half of 2025, Europe showing steady growth, and the Asian market (excluding mainland China) facing adjustments due to the Turkish market [4] - The company has adjusted its dealer network, with most dealers being independent from the company. Sales expenses align with business area layouts and development strategies, with a higher proportion of sales expenses in overseas markets and an increase in domestic expenses due to the expansion of electric two-wheeler business [4] Financial Metrics - The company has a high accounts receivable turnover rate, a low inventory turnover rate, and a continuously increasing fixed asset scale. Long-term receivables have a high proportion of aging accounts, while overseas assets and business scales are effectively matched and managed. The auditor has confirmed that these situations are reasonable and comply with market logic and accounting standards [5]
春风动力拟募资不超25亿扩产 多项业务情况披露引关注