Core Viewpoint - Wanma Co., Ltd. provides a wide range of cable products, including high-voltage, low-voltage, fire-resistant, and special cables, which are applicable across various manufacturing industries [2] Product Categories - The company's power cable products include ultra-high voltage cross-linked polyethylene insulated cables rated at 500kV and below, low-voltage cables, fire-resistant cables, and building wiring cables [2] - The equipment cable product line consists of coaxial cables, indoor and outdoor optical cables, security cables, data cables, industrial intelligent equipment cables, wind-solar-storage charging cables, rail transit cables, mining cables, harness components, and other rubber and non-rubber cables [2] Market Application - The cable products offered by the company can be utilized in most manufacturing industries; however, the company does not have detailed knowledge of specific engineering projects or downstream customer names after the products are purchased [2]

IPO and Refinance Review Results - During the week of September 15-19, three companies were reviewed for IPO, with two approved and one postponed [1] - The postponed company, Youxun Co., Ltd., is the third company this year to face a delay in the Sci-Tech Innovation Board IPO review [1] - Yuan Chuang Co., Ltd. and Xin Guang Yi Co., Ltd. were both approved for their IPOs, with proposed fundraising amounts of 485.13 million yuan and 638.38 million yuan respectively [1][2] Company Profiles - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, with a focus on domestic market leadership in optical communication chip design [2][3] - Yuan Chuang Co., Ltd. is engaged in the research, production, and sales of rubber track products, primarily serving agricultural and engineering sectors [9][10] - Xin Guang Yi Co., Ltd. focuses on high-performance special functional materials, including anti-overflow special films [12][13] Financial Performance - Youxun Co., Ltd. reported a net profit of 47.96 million yuan for the last year, with total assets of 844.94 million yuan as of June 30, 2025 [5] - Yuan Chuang Co., Ltd. achieved a net profit of 154.66 million yuan for the last year, with total assets of 1,989.88 million yuan as of December 31, 2024 [11] - Xin Guang Yi Co., Ltd. reported a net profit of 115.70 million yuan for the last year, with total assets of 836.05 million yuan as of December 31, 2024 [14] Fundraising Projects - Youxun Co., Ltd. plans to invest 80.91 million yuan in projects related to next-generation access networks and high-speed data center chips [6] - Yuan Chuang Co., Ltd. intends to use 63.84 million yuan for functional materials projects [15] - Xin Guang Yi Co., Ltd. aims to allocate 63.84 million yuan for its functional materials project [15] Review Meeting Inquiries - Youxun Co., Ltd. faced inquiries regarding the sustainability of its operating performance and potential risks related to declining gross margins [7] - Yuan Chuang Co., Ltd. was questioned about market competition and the impact of various factors on its revenue and profit margins [12] - Xin Guang Yi Co., Ltd. was asked to clarify the sustainability of its business performance based on its core technologies and market demand [16]

Core Viewpoint - The company is seeking to issue convertible bonds to unspecified investors, with legal opinions provided to ensure compliance with relevant regulations and to address inquiries from the Shenzhen Stock Exchange regarding the issuance process [1][2]. Group 1: Business Operations - The company's gold wire drawing business is primarily conducted by its subsidiary, Jiangsu Shenchang, which processes gold into wire for the semiconductor industry, specifically for chip manufacturing [3][4]. - The company has been engaged in gold wire drawing since around 2012, initially to meet customer demand for electronic components [4]. - Due to high gold prices, the company has faced liquidity constraints, leading to a reduction in the scale of its gold wire drawing operations since the first quarter of 2025 [5][9]. Group 2: Financial Performance - The revenue from the gold wire drawing business has increased in line with rising gold prices, but there was a notable decline in the first quarter of 2025 due to increased capital requirements for raw material procurement [5][9]. - The company’s plastic business, which supplies materials for coaxial cables, operates on a smaller scale and is subject to fluctuations based on production needs and market prices [6][9]. Group 3: Client Relationships - Major clients for the gold wire drawing business include Hangzhou Silan Microelectronics Co., Ltd., which has shown consistent revenue growth, indicating a solid trading background for the company's sales [8]. - The plastic business serves various clients in the chemical industry, with sales dependent on the production needs of coaxial cables [8]. Group 4: Revenue Recognition - The company recognizes revenue from both the gold wire drawing and plastic businesses using the gross method, as it retains control over the products and bears the associated risks [10][12]. - Contracts for the gold wire drawing business include terms that specify the company's responsibilities regarding product quality and delivery, reinforcing its role as the primary responsible party in transactions [10][11]. Group 5: Investment Properties - As of March 31, 2025, the company owns investment properties primarily used for production and office purposes, with a small portion leased out to enhance asset utilization [15]. - The investment properties account for a minor percentage of the company's total assets, indicating a focus on core business operations rather than real estate development [15][16]. Group 6: Financial Investments - The company has a long-term equity investment in Liyuan New Energy, amounting to 28.36 million yuan, which is classified as a financial investment due to its unrelated nature to the company's main business [21][22]. - As of March 31, 2025, the company does not hold significant financial investments that exceed 30% of its net assets, complying with regulatory requirements [21][22]. Group 7: Fundraising Projects - The company plans to expand its production capacity for coaxial cables, with a focus on high-speed data cables, to meet increasing market demand driven by technological advancements [24][25]. - The fundraising project is divided into two phases, with the first phase aimed at producing 272,500 kilometers of data cables, reflecting the company's strategic response to market trends [24][26].

Core Viewpoint - The company, Shenyu Communication Technology Co., Ltd., has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, providing insights into its performance fluctuations, business operations, and fundraising projects, which are crucial for investors to understand the company's operations and future development plans [1] Performance Fluctuation Analysis - During the reporting period, the company's operating revenue was 768.36 million, 755.01 million, 877.10 million, and 174.41 million, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 38.27 million, 45.06 million, 38.12 million, and 12.99 million, with a rising trend in gross profit margin [2] - The performance fluctuations were mainly influenced by changes in downstream market demand, business structure adjustments, stock incentive expenses, and sales promotion efforts [2] - The sales revenue of coaxial cables fluctuated due to changes in product structure, while the revenue from gold wire sales was affected by rising raw material prices and the company's decision to reduce business scale [2] Business Development Overview - In addition to coaxial cables, the company also engages in gold wire and plastic businesses, with the gold wire business primarily serving the downstream chip industry and having no synergy with coaxial cable operations [3] - The company has a stable customer base, with the transaction scale trends aligning with overall revenue changes, although the number of new customers has been limited due to the lengthy customization process required for coaxial cable clients [3] Fundraising Project Planning and Outlook - The company plans to raise no more than 500 million for the construction of a data cable project, which is the first phase of an annual production capacity of 400,000 kilometers of high-speed data cables, expected to generate annual revenue of 476.89 million [4] - The fundraising project will focus on automotive data cables and computing power data cables, representing an upgrade of existing products with improved performance in bandwidth, frequency, and transmission speed [4] - The company has established market development plans and partnerships with leading industry players to ensure the absorption of new production capacity, which is deemed reasonable based on market demand growth in the communication cable industry [4]

Core Viewpoint - Shen Yu Communication Technology Co., Ltd. is applying to issue convertible bonds to unspecified objects and list them on the Growth Enterprise Market, with Huatai United Securities as the sponsor [1][2][3] Group 1: Issuer Information - Shen Yu Communication specializes in the development, production, and sales of coaxial cables, special cables, connectors, and microwave antennas [4][5] - The company is recognized as a national "little giant" enterprise and has established several technology research centers [14] - The company has maintained stable revenue growth and good financial health, indicating sustainable operational capability [14] Group 2: Bond Issuance Details - The proposed issuance amount is up to RMB 500 million, intended for the "smart field data line construction project" [23][27] - The bonds will have a term of six years and will be issued at a face value of RMB 100 each [28][27] - The interest rate will be determined based on market conditions and will be paid annually [28][29] Group 3: Compliance and Governance - The issuer has established a sound corporate governance structure, including a board of directors and various committees [11][16] - The company has complied with all relevant laws and regulations regarding the issuance of securities [11][12] - The internal control system is robust, ensuring accurate financial reporting and compliance with accounting standards [18][19] Group 4: Financial Performance - The net profits attributable to the parent company for 2022, 2023, and 2024 were reported as follows: 2022: RMB X million, 2023: RMB Y million, 2024: RMB Z million [12][16] - The company's asset-liability ratios were 27.28%, 18.11%, and X% for the respective years, indicating a healthy financial structure [16][12] Group 5: Risk Management - The company has no significant legal disputes or adverse conditions that could impact its ongoing operations [17][21] - The issuer has conducted thorough due diligence to ensure compliance with all regulatory requirements [8][9]