Core Viewpoint - Company confirms that its external investments do not constitute financial investments and that the decline in operating cash flow is reasonable, with sufficient debt repayment capability [1][4]. Group 1: External Investments - All external investments are categorized as industrial investments, not financial investments. The company has invested a total of 16.0044 million yuan in three enterprises, focusing on the upstream and downstream of the industrial chain [2]. - Specific investments include 9 million yuan in Baoteng Fushun, which focuses on electronic components and semiconductors, 5 million yuan in Shanghai Xinhua Rui, which specializes in automotive power semiconductor modules, and 202.44 thousand yuan in Thailand Luocheng, which is involved in PCB assembly in the new energy sector [2]. Group 2: Operating Cash Flow - The company's operating cash flow has shown a declining trend from 110.4502 million yuan in 2022 to -12.8591 million yuan in the first half of 2025. This decline is attributed to changes in customer payment structures and increased procurement payments due to order growth [3]. - The cash received from sales as a percentage of revenue dropped to 73.39% in 2024, and procurement cash payments increased by 64.28% year-on-year in the first half of 2025 [3]. Group 3: Financial Structure and Debt Repayment Capability - The company plans to issue up to 490 million yuan in convertible bonds, which will increase the debt-to-asset ratio from 27.64% to 46.36% before conversion, aligning with the industry average [4]. - After full conversion, the debt-to-asset ratio is expected to decrease to 20.49%. The company has sufficient cash resources for debt repayment, with 117 million yuan available as of June 2025, alongside an unused bank credit limit of 290 million yuan [4].
本川智能回复可转债审核问询函 对外投资不构成财务性投资 现金流下降具备合理性