Shenzhen Stock Exchange Review Center:
Regarding the inquiry letter on the review of the issuance of stocks by Tongfu Microelectronics Co., Ltd. to specific objects (hereinafter referred to as "the inquiry letter"), the following issues are raised:
Question 1
Reported revenue and profit distribution for the issuance of shares is as follows:
| Item | Amount (10,000 Yuan) |
|---|---|
| Total Revenue | 2142857.66 |
| Total Profit | 2226928.32 |
| Operating Income | 2388168.07 |
| Net Profit | 2011625.89 |
| Gross Profit Margin | 13.58% |
| Operating Margin | 11.50% |
| Net Profit Margin | 14.50% |
| Comprehensive Margin | 14.82% |
The company’s revenue from major customers is expected to be 68.90%, 72.62%, 69.70%, and the revenue from AMD is expected to be 65%.
Request for Supplementary Information
- Explain the reasons for the expected decline in the profit margin for 2023 and whether it is consistent with the industry trend.
- Provide details on the relationship between the company and AMD, including the impact of AMD's business development on the company’s performance.
Response:
The financial data for January to March 2026 has not been audited.
- It is stated that the reasons for the decline in profit margin in 2023 are consistent with the industry trend.
- The reasons for the decline in profit margin in 2023 are as follows:
| Year | Revenue (10,000 Yuan) | Operating Income (10,000 Yuan) | Net Profit (10,000 Yuan) |
|---|---|---|---|
| 2022 | 2148287.66 | 2388168.07 | 2011625.89 |
| 2023 | 2226928.32 | 2011625.89 | 16943.85 |
| 2024 | 2388168.07 | 2011625.89 | 16943.85 |
| 2025 | 2142857.66 | 2388168.07 | 2011625.89 |
The company expects to maintain a stable revenue stream, but profit margins may be affected by market conditions.
3. Cooperation between the Company and AMD
1. Cooperation between the Company and AMD
During the reporting period, the Company mainly provided testing services for AMD, including but not limited to the AMD product line. AMD has been a key partner for the Company since 2016, and the Company has continuously invested in the development of its testing capabilities, particularly for AMD's GPU products. The Company has also expanded its talent pool and enhanced its research and development capabilities to meet AMD's growing needs.
2. The Company's Collaboration with AMD
The collaboration between the Company and AMD has been characterized by high technical synergy and compliance with industry standards. The Company has selected various forms of testing solutions that align with AMD's requirements. The testing services provided by the Company are essential for AMD's product development and quality assurance.
3. The Company's Business Foundation with AMD
AMD is a global leader in CPU and GPU chips. Since 2016, the Company has established a long-term partnership with AMD, focusing on the "co-investment and collaboration" strategy. This collaboration has led to significant growth in the production and sales of AMD products, benefiting both parties.
In summary, AMD is a key customer for the Company, and the collaboration with AMD is stable, without any reliance on a single customer.
4. Cooperation with AMD
During the reporting period, the Company provided testing services for AMD, which included not only the provision of testing services but also the development of new products. The Company has been a major customer for AMD's testing services, and the collaboration has been mutually beneficial.
5. AMD's Business Outlook
The Company expects that its revenue from AMD will continue to grow, with a projected revenue of [blank] million yuan in 2025, [blank] million yuan in 2024, and [blank] million yuan in 2023. The expected growth rate is [blank]%.