Tonhe TECH.(SZ:300491) Xin Lang Cai Jing·2025-12-03 12:36Core Viewpoint - Tonghe Technology has responded to the Shenzhen Stock Exchange's inquiry regarding performance fluctuations, gross margin changes, and cash flow status, while also disclosing financial data for the first three quarters of 2025, showing a revenue increase but a decline in net profit compared to the previous year [1] Group 1: Performance Analysis - In 2023, Tonghe Technology experienced significant revenue growth, but net profit has declined in 2024 due to intensified competition in the new energy power conversion business, which accounts for over 60% of revenue [2] - The revenue for the new energy power conversion business in the first three quarters of 2025 reached 645 million yuan, a year-on-year increase of 25.34%, but the gross margin fell to 17.80%, a decrease of 4.58 percentage points [2] - The company has implemented measures to address performance pressures, including expanding overseas markets and optimizing production capacity [2] Group 2: Financial Health - As of June 30, 2025, accounts receivable stood at 828 million yuan, a 68.85% increase from the end of 2022, while inventory value rose by 64.36% to 370 million yuan [3] - The current ratio and quick ratio have shown a downward trend, with values of 1.59 and 1.23 respectively as of September 30, 2025, and the debt-to-asset ratio increased by 13.63 percentage points to 48.64% [3] - The company has 174 million yuan in cash and cash equivalents available for debt repayment, indicating sufficient debt servicing capability [3] Group 3: Fundraising and Investment Projects - The proposed convertible bond aims to raise 522 million yuan for the development of power supply systems for data centers and to supplement working capital [4] - The company anticipates an annual production capacity of 6,240 complete sets and 57,000 modules for HVDC products, with expected gross margins of 30.97% and 37.89% respectively upon full production [4] - The company is optimistic about the market demand for data center power supplies, expecting to effectively absorb the new production capacity due to strong market conditions [4]