上交所向天龙股份资产收购事项下发二次问询函

Core Viewpoint - Tianlong Co., Ltd. (603266) received a second inquiry letter from the Shanghai Stock Exchange regarding its asset acquisition, indicating that further clarification is needed on revenue projections and underlying assumptions [1] Group 1: Revenue Projections - The revenue forecast for the target company is based on confirmed projects and potential reserves, predicting a compound annual growth rate (CAGR) exceeding 40% from 2026 to 2030 [1] - The projected revenue for 2029 and beyond is significantly higher than estimates based on current orders and reserve projects, lacking clarity on the core sources of new revenue [1] Group 2: Inquiry Details - The Shanghai Stock Exchange requested additional explanations regarding the logic behind revenue calculations, including key parameters such as win rates, order completion rates, and capacity planning [1] - The exchange also inquired about the potential risks affecting revenue estimates, such as lower-than-expected customer model releases and declining project implementation rates [1] - Further questions were raised regarding the transaction's purpose, external investor exit arrangements, and insider information management [2]