Core Points - The Shenzhen Stock Exchange's Listing Review Committee approved Jiangxi Naipu Mining Machinery Co., Ltd.'s issuance of convertible bonds, confirming compliance with issuance and listing conditions as well as information disclosure requirements [1] Group 1: Issuance Details - The company plans to raise a total of up to 450 million yuan through the issuance of convertible bonds, with net proceeds intended for a new materials manufacturing project in Peru and to supplement working capital [3][5] - The total investment for the Peru project is estimated at 571.44 million yuan, with 325 million yuan allocated from the current fundraising [5] - The bonds will be convertible into the company's A-shares and are expected to be listed on the Shenzhen Stock Exchange's Growth Enterprise Market [5][6] Group 2: Financial Ratings and Management - The credit rating for the convertible bonds is A+, with a stable outlook for the company's overall credit rating also at A+ [7] - The underwriting and management of the bond issuance will be handled by Guojin Securities Co., Ltd., which has signed a management agreement with the company [6][8] Group 3: Previous Fundraising Activities - The company previously raised 400 million yuan through a convertible bond issuance in 2021, with net proceeds of approximately 392.7 million yuan after deducting issuance costs [9]

Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. plans to issue convertible bonds to raise up to 450 million yuan for a new materials mining wear parts manufacturing project in Peru and to supplement working capital [5][6]. Group 1: Project Overview - The project aims to establish a manufacturing base for new materials mining wear parts in Peru, with an expected annual production capacity of 12,000 tons [5]. - The project is anticipated to generate sales revenue of approximately 505.55 million yuan with a gross profit margin of 40.67% upon reaching full production [5][6]. - The project will leverage Peru's geographical advantages to serve markets in Chile, Mexico, Colombia, and Ecuador [5]. Group 2: Financial and Operational Details - As of the end of 2024, Naipu Mining's cash balance was approximately 532.55 million yuan [5]. - The company has already invested approximately 12.16 million yuan in the project prior to the board's approval for the bond issuance [10]. - The project is being implemented by Naipu Peru Mining Co., Ltd., a wholly-owned subsidiary [5]. Group 3: Legal and Regulatory Compliance - The law firm has confirmed that all necessary legal documents and approvals have been obtained for the bond issuance and project implementation [2][3]. - The company has received the required approvals from the Jiangxi Provincial Development and Reform Commission and the Ministry of Commerce for its overseas investment [19]. - The project has been designed to comply with local regulations and has already secured land for construction [9][27]. Group 4: Market and Competitive Landscape - The Latin American market for mining wear parts is expected to grow significantly, with Naipu Mining already establishing relationships with major mining companies in the region [14][15]. - The company has reported a nearly 50% compound annual growth rate in sales revenue from Latin America from 2022 to 2024 [15]. - The project is expected to enhance Naipu Mining's competitive position in the Latin American market by improving response times to customer needs [15][16].