上市保荐书显示，本次公司计划通过发行可转债募资9.8亿元，投向两个实体项目及补充流动资金。 2月11日，深交所上市委会议将审核金杨精密（301210）（301210）一项总额9.8亿元的可转债发行计划。距离其2023年以11.93亿元IPO募资仅过去两年半时 间，这家公司再次向市场大规模融资，间隔之短引发了市场的广泛关注。 本次发行的中介团队已确定，保荐机构为国信证券，会计师事务所为容诚会计师事务所（特殊普通合伙），律师事务所为上海市锦天城。 值得关注的是，在首发募投项目刚刚结项、账上仍有大额定期存单的背景下，金杨精密为何急于启动新一轮大规模融资？这背后，是公司主动出击的战略转 型，还是迫于经营压力的被动求生？ 激进扩张，9.8亿元的豪赌 翻阅金杨精密2025年半年报，公司资产负债率仅为25.15%，账上货币资金1.69亿元，更有高达3.07亿元的大额定期存单。从财务安全边际看，公司似乎并 不"缺钱"。然而，这份看似稳健的报表背后，却涌动着强烈的扩张冲动。 | 府号 | 项目名称 | 预计总投资额 | 募集资金拟投入 金额 | | --- | --- | --- | --- | | 1 | 金杨股份锂电池精密 ...

Core Viewpoint - Wuxi Jinyang New Materials Co., Ltd. reported fluctuations in revenue from 2022 to September 2025, while net profit continued to decline, primarily due to the volatility in the consumer battery industry, falling product prices, and raw material price fluctuations [1][2]. Revenue and Profit Trends - Revenue for Jinyang Co. was 1.229 billion, 1.111 billion, 1.365 billion, and 1.195 billion from 2022 to September 2025, showing a fluctuating growth trend [2] - Non-recurring net profit decreased from 87.89 million in 2022 to 26.89 million in the first nine months of 2025, with increased expenses and stock compensation being significant factors [2] - Management expenses increased by 74.20% year-on-year in the first nine months of 2025, mainly due to higher salaries and stock compensation provisions of 16.91 million [2] - Gross margin for battery precision structural components fell from 21.89% in 2022 to 9.80% in 2024, with a slight recovery to 11.00% in the first nine months of 2025 [2] Accounts Receivable and Bad Debt Provisions - As of the end of 2024, accounts receivable stood at 434 million, accounting for 31.83% of revenue, with turnover rate declining from 3.83 times/year in 2022 to 3.59 times/year in 2024 [3] - The provision for bad debts for Bick Battery decreased from 70% in 2022 to 10% by June 2025, attributed to improved operating conditions and good collection status [3] Raw Material Price Fluctuations - Significant fluctuations in raw material prices, including steel, aluminum, and nickel, were noted, with a 1% increase in raw material costs leading to a 4.62% decrease in gross profit and a 0.57% drop in gross margin [4] - The company is implementing measures such as establishing a raw material price tracking mechanism and enhancing cost management to mitigate risks [4] Fundraising and Investment Projects - The proposed issuance of convertible bonds aims to raise no more than 980 million, targeting lithium battery precision structural component projects in Xiamen and Xiaogan, as well as supplementing working capital [5] - The fundraising projects are aligned with existing products and market demand, particularly in the electric vehicle and energy storage battery sectors [5] Financial Investments - As of September 2025, the company reported other equity investments valued at 75.03 million, primarily in upstream and downstream enterprises, which are classified as industrial investments rather than financial investments [6] - The company has not engaged in financial investments in the six months leading up to the board meeting for the issuance, complying with regulatory requirements [6]

Group 1: Research and Development Investment - The company invested CNY 44.55 million in R&D in 2023, with planned investments of CNY 51.22 million in 2024 and CNY 25.10 million in the first half of 2025 [2][4] - The company aims to continuously increase R&D investments in new products and technologies [2][4] Group 2: Investor Relations and Market Recognition - The company emphasizes communication with investors through various activities, including strategy meetings and performance briefings [2][3] - The management is focused on improving company performance and governance to attract more institutional investors [2][3] Group 3: Technology and Product Development - The company is committed to maintaining its technological leadership in the rapidly evolving materials industry, particularly in lithium battery technology [4][6] - New products include precision components for lithium batteries, with ongoing efforts to understand customer R&D projects and participate in joint development [6][8] Group 4: Raw Material Procurement Strategies - The company employs diversified procurement strategies to mitigate risks from raw material price fluctuations, including long-term agreements and flexible inventory management [5][6] Group 5: Robotics Business Development - In March 2025, the company strategically invested in Guohua Intelligent Equipment, enhancing its capabilities in robotics and precision components [7][8] - The company is expanding its investment in the humanoid robotics sector, leveraging its expertise in precision manufacturing for battery components [8]