募投项目必要性和前次募投项目未达预期遭问询，海天股份回复

Core Viewpoint - Haitian Co., Ltd. plans to issue convertible bonds to raise no more than 801 million yuan, prompting inquiries from the Shanghai Stock Exchange regarding the necessity of the fundraising projects, capacity planning, and changes in previous fundraising projects [1] Group 1: Necessity of Fundraising Projects - The company stated that the fundraising aims to address the current challenges faced by its water supply business, particularly due to aging facilities at the Jianyang First Water Plant, which has seen its actual supply capacity decline significantly [1] - The company highlighted that the second water plant in Ziyang is operating at over 90% capacity, making it difficult to meet future regional demand, while the sewage treatment plant in Jiajiang is also under pressure due to urbanization [1] Group 2: Capacity Planning Rationality - The company referenced local planning data indicating that by 2035, the water demand in Jianyang's central urban area is expected to exceed the current production capacity of water plants [1] - For the sewage treatment project in Jiajiang, the company predicts that the demand for sewage treatment will continue to grow from 2025 to 2035, surpassing the total capacity after expansion, indicating no significant uncertainty in capacity absorption [1] Group 3: Previous Fundraising Project Performance - The company explained that the underperformance of previous fundraising projects, such as the Ya'an Daxing Sewage Treatment Plant, was due to short-term factors like insufficient inflow and not yet entering the pricing adjustment period [2] - The company asserted that these factors would have limited impact on the current fundraising projects [2] Group 4: Financing Scale - The company indicated that its debt-to-asset ratio is within a reasonable range for the industry, and future funding gaps are significant, making the current financing scale appropriate [2] - The proportion of funds allocated for non-capital expenditures is 29.96%, which complies with regulatory requirements of not exceeding 30% [2]