近日，海南金盘智能科技股份有限公司（简称"金盘科技"）针对上海证券交易所于2025年8月29日出具 的《关于海南金盘智能科技股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》进 行了回复。浙商证券作为保荐机构，与金盘科技及相关中介机构对问询函所列问题逐项落实。 金盘科技本次向不特定对象发行可转换公司债券的募投项目包括数据中心电源模块及高效节能电力装备 智能制造项目、高效节能液浸式变压器及非晶合金铁芯智能制造项目、研发办公楼建设项目和补充流动 资金。 募投项目具必要性与合理性 募投项目实施确定性高 金盘科技在技术及人员储备上，各募投项目相关技术成果丰富，拥有专业研发团队，且在数字化工厂建 设运营方面有成熟经验。产品开发进展顺利，数据中心电源模块产品已批量销售并布局迭代产品；VPI 变压器已研发多个型号并持续投入新产品研发；高效节能液浸式变压器及非晶合金铁芯相关产品部分已 完成关键研发和验证环节。 各项目产品具有较高技术壁垒，且主要原材料和生产设备供应稳定。因此，募投项目实施不存在重大不 确定性。 研发办公楼建设必要且符合要求 从市场规模来看，数据中心电源模块等成套系列产品方面，全球及中国数据中心、 ...

Core Viewpoint - Jinpan Technology (688676.SH) plans to issue convertible bonds to raise funds for various projects, including smart manufacturing and working capital, with a total amount not exceeding 1.6715 billion yuan [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at a face value of 100 yuan each, with a term of 6 years from the issuance date [1]. - The total amount to be raised from the issuance is capped at 1.6715 billion yuan, which will be allocated to specific projects and working capital [2][4]. - The initial conversion price will be determined based on the average stock price over the 20 trading days prior to the announcement [1][2]. Group 2: Fund Allocation - The funds will be used for several projects, including: - Data center power modules and energy-efficient power equipment manufacturing, with a total investment of approximately 523.42 million yuan, of which 473.37 million yuan will be funded by the raised capital [3][4]. - High-efficiency liquid-immersed transformers and amorphous alloy core manufacturing, with a total investment of about 734.22 million yuan, with 616.53 million yuan from the raised funds [4]. - R&D office building construction in Tongxiang, with an investment of 82.97 million yuan, funded entirely by the raised capital [4]. - Supplementing working capital with 501.40 million yuan [4]. Group 3: Previous Fundraising and Financial Performance - Jinpan Technology has previously raised funds through convertible bonds, totaling approximately 976.70 million yuan in a prior issuance [5]. - The company reported a revenue of 1.343 billion yuan for the first quarter of 2025, reflecting a year-on-year increase of 2.90%, and a net profit attributable to shareholders of 107.24 million yuan, up 13.32% [7][8]. - The net cash flow from operating activities for the same period was 135 million yuan [8].