Shang Hai Zheng Quan Bao·2025-11-26 01:53Core Viewpoint - Anshuo Information (300380) has disclosed a detailed response report to the Shenzhen Stock Exchange regarding its plan to raise no more than 600 million yuan through a private placement, focusing on its AI transformation strategy, which raises concerns about the credibility and execution of its strategic plans due to its historical issues with misleading statements and regulatory penalties [1][7]. Group 1: Fundraising and Investment Plans - The company plans to invest the raised funds into an "AI-based smart credit system," a "comprehensive risk digital management platform," and upgrades to its digital financial R&D center, along with supplementing working capital [1][2]. - The smart credit system and risk digital management platform aim to enhance product offerings through AI technology, introducing four new modules and upgrading 11 core modules [2][3]. Group 2: Regulatory Concerns - Regulatory authorities have questioned the necessity of the projects, asking whether there is a risk of "duplicate construction" and requiring a comparison of the new technology with existing capabilities [3]. - The company claims to have obtained multiple software copyrights on its A3 Cloud technology architecture and asserts that the project will transition from "process-driven" to "intelligent decision-driven" technology [3]. Group 3: Financial Projections and Risks - The company forecasts that the smart credit system and risk digital management platform will generate annual sales revenues of 600 million yuan and 100 million yuan, respectively, but the regulatory body has raised concerns about the sufficiency of the basis for these projections [3]. - The projects are expected to incur significant financial pressure, with estimated annual depreciation and amortization of approximately 71.69 million yuan, which would account for 5.08% of projected revenue [3]. Group 4: Profitability and Asset Quality - The company's profitability has been under scrutiny, with reported net profits of -82.95 million yuan in 2022, -53.46 million yuan in the first half of 2023, and only a slight profit of 6.54 million yuan projected for 2024 [4]. - The company attributes its low profitability to macroeconomic factors affecting project delivery and acceptance efficiency, leading to increased operating costs and asset impairment losses [4]. Group 5: Historical Context and Market Sentiment - Anshuo Information has a history of misleading statements, having been penalized by the regulatory authority for deceptive practices related to its internet finance business from 2014 to 2015, which resulted in significant financial losses for investors [7][8]. - The company has not engaged in major capital operations in the past decade until this recent AI transformation proposal, which raises questions about its strategic direction and market confidence [8].