又缺钱了？上市半年花掉4亿多的悍高集团，计划再募资12亿元

Core Viewpoint - Han Gao Group is seeking to raise up to 1.2 billion yuan through a convertible bond issuance, primarily to fund its manufacturing base, R&D center upgrades, and marketing efforts, despite a backdrop of declining demand in the home furnishing industry [1][5]. Group 1: Fundraising Details - The company plans to allocate 1.05 billion yuan of the raised funds to the Han Gao Unicorn Hardware Manufacturing Base, which has a total investment of 1.085 billion yuan, indicating a strong dependency on the fundraising outcome for the project's progress [1][2]. - The remaining funds will be distributed as follows: 53 million yuan for R&D and quality center upgrades, and 92 million yuan for marketing and brand promotion [1]. Group 2: Previous Fund Utilization - In the previous fundraising round, 510 million yuan was raised, with 434 million yuan already utilized by the end of last year, leaving 76.53 million yuan remaining [1]. - The initial fundraising was primarily directed towards the smart home hardware automation manufacturing base, R&D center construction, and information technology improvements, with the manufacturing base showing a significant return on investment [2]. Group 3: R&D Center Concerns - There are concerns regarding the potential duplication of R&D centers in the same region, as the new fundraising plan includes another investment in R&D, which could total 836.7 million yuan if combined with previous investments [3][4]. - The R&D center's total investment has increased from 522.6 million yuan to 836.7 million yuan, raising questions about the necessity and efficiency of such expenditures [3]. Group 4: Marketing and Brand Promotion - The marketing and brand promotion project has a planned total investment of 1.23 billion yuan, with 920 million yuan allocated from the new fundraising, indicating a significant commitment to enhancing brand visibility [4]. - The overall marketing and brand promotion budget over the project's lifecycle is projected to approach 860 million yuan, reflecting the company's optimistic growth expectations despite market challenges [4]. Group 5: Industry Context - The home furnishing industry is experiencing a downturn, with major clients like Oppein Home reporting declines in revenue and profit, which raises concerns about the sustainability of Han Gao Group's growth strategy [5]. - Despite Han Gao Group's revenue growth of 24.26% year-on-year in the first nine months of last year, the broader market's cautious outlook on demand may lead to a mismatch between the company's expansion plans and actual market needs [5].