祥和实业回复问询函：拟投入募资2.8亿元的智能装备生产基地项目暂无在手或意向订单

Core Viewpoint - Xianghe Industrial (603500) has responded to the Shanghai Stock Exchange regarding its application for issuing convertible bonds, acknowledging that it currently has no orders or intentions for its key fundraising project, the "Intelligent Equipment Production Base Project" [1][2]. Group 1: Project Overview - The company plans to raise up to 400 million yuan, with 280 million yuan allocated to the "Intelligent Equipment Production Base Project" [2]. - The total investment for the project is 383 million yuan, aimed at producing "Railway Track Comprehensive Inspection Instruments" [3]. - The designed production capacity is 450 units per year, but the company currently has no orders or intentions for orders [3]. Group 2: Production and Market Strategy - The product development process is rigorous, requiring multiple stages including research initiation, prototype development, and operational review [3]. - The product is expected to pass technical review by the China Railway Zhengzhou Bureau on November 27, 2024, making it ready for market [3]. - From December 2024 to June 2025, the company will focus on equipment iteration and optimization, expanding the types of detectable switches to 45, covering 93% of the Zhengzhou Railway Bureau's inventory [3]. Group 3: Financial Projections - The company conservatively estimates annual sales volume at 360 units, which is 80% of the designed capacity [4]. - The average selling price of the inspection instrument is projected to be 1.5175 million yuan per unit [4]. - Once fully operational, the project is expected to generate annual sales revenue of 546 million yuan and an average net profit of 125 million yuan [5]. Group 4: Partnership and Profit Distribution - The project is closely tied to a strategic partnership with Zhongyuan Lida, which will receive one-third of the economic benefits generated from the project [1][6]. - The funding for the project is shared in a 2:1 ratio, with Xianghe Industrial contributing two-thirds of the research and development costs [6]. - Both companies have agreed to share patent rights based on their respective contributions to R&D expenses [7].