Core Viewpoint - The company, Guangxi Senhe High-tech Co., Ltd., has responded to the Beijing Stock Exchange's second round of inquiry regarding its performance growth, cost accounting accuracy, the authenticity of construction projects, and the capacity digestion ability of its fundraising projects [1][3]. Financial Performance - The company's revenue increased from 302 million yuan in 2022 to 623 million yuan in 2024, with 398 million yuan achieved in the first half of 2025, indicating significant growth that has attracted regulatory scrutiny [3]. - The number of new customers for the company's mining agents business increased from 55 to 190 over the reporting period, with revenue contributions from these customers rising correspondingly [3]. Customer Structure - The company reported that the proportion of downstream customers who are intermediaries ranges from 33.38% to 58.06%, with an increasing share of foreign intermediaries [3]. - The top five direct sales customers contributed significantly to revenue, with one customer, Ningbo Zhongce Power Machinery Engineering Co., Ltd., generating 132 million yuan in 2024, accounting for 22.43% of that year's revenue [4]. Cost Accounting - The company disclosed that its gross profit margins for overseas sales were consistently higher than domestic sales, with margins of 35.19%, 38.96%, 45.51%, and 53.38% over the reporting periods [5]. - The company explained that the higher prices for overseas sales are due to differences in market competition and customer price sensitivity [5]. Construction Projects - As of June 2025, the company reported a construction project balance of 129.75 million yuan, with significant procurement of engineering services from a newly established company with no paid-in capital [7]. - The company provided a breakdown of costs for its projects, indicating that the unit construction costs are reasonable compared to similar projects in the region [7]. Capacity and Growth Drivers - The company emphasized that its revenue growth is driven by the demand for environmentally friendly gold extraction agents, with a backlog of orders amounting to approximately 171.27 million yuan as of December 31, 2025 [8]. - The company has been expanding its production capacity from 22,000 tons to 85,000 tons, with plans for further expansion [7]. Third-party Payments - The company reported third-party payment amounts that increased significantly over the reporting periods, indicating reliance on third-party payment companies due to foreign exchange controls in some countries [11]. - The proportion of third-party payments to total revenue ranged from 1.04% to 6.18% during the reporting periods [11]. Summary of Regulatory Concerns - The company has provided detailed explanations regarding the drivers of its performance growth, changes in customer structure, accuracy of cost accounting, authenticity of construction projects, and the rationality of fundraising projects, but its high reliance on foreign markets and the significant proportion of intermediary customers remain areas of concern for the listing review [11].