Core Viewpoint - Jiujiang Defu Technology Co., Ltd. (Defu Technology) plans to issue up to 189 million shares to raise no more than 1.93 billion yuan, primarily for acquiring 100% equity of Circuit Foil Luxembourg S.a.r.l. and funding electronic chemical projects and working capital [1][6][8]. Group 1: Fundraising and Acquisition - The planned fundraising includes 1.43 billion yuan for acquiring Circuit Foil Luxembourg, 200 million yuan for electronic chemical projects, and 300 million yuan for working capital [1][6]. - Circuit Foil Luxembourg specializes in high-end electronic circuit copper foil, with applications in AI servers, 5G base stations, and mobile terminals, maintaining stable partnerships with leading PCB companies [4][6]. - The acquisition price of Circuit Foil Luxembourg is set at 1.74 billion euros, which is above its net asset value of approximately 1.26 billion euros, indicating potential goodwill formation post-acquisition [6][10]. Group 2: Financial Performance - Circuit Foil Luxembourg reported revenues of 13.37 million euros in 2024 and 4.5 million euros in Q1 2025, with a net loss of 370,000 euros in 2024, but a profit of 167,000 euros in Q1 2025 due to improved product volume and cost management [5][6]. - Defu Technology's financial performance has been volatile, with a revenue of 7.805 billion yuan in 2024, a decline in net profit to -245 million yuan, but a recovery in H1 2025 with revenue of 5.299 billion yuan and a net profit of 38.7 million yuan [10]. Group 3: Industry Context - The copper foil industry is capital-intensive, characterized by high fixed asset investments and significant R&D costs, which has led to a high debt ratio of 73.55% for Defu Technology as of June 30, 2025 [9][10]. - The company aims to enhance its capital structure and operational efficiency through this fundraising, addressing the growing working capital needs driven by increasing sales [9][10].
上市超募后仅两年，业绩大变脸，现要再次募资19亿元……