Tongfu Microelectronics Co., Ltd. (hereinafter referred to as "Tongfu Microelectronics," "the issuer," or "the company") and Guotai Junan Securities Co., Ltd. (hereinafter referred to as "the sponsor" or "Guotai Junan"), along with Beijing Dacheng Law Offices (hereinafter referred to as "the issuer's lawyer") and Grant Thornton (Special General Partnership) (hereinafter referred to as "the reporting accountant"), have conducted a thorough review of the inquiries raised in the inquiry letter (Inquiry Letter [2026] No. 120015) issued by the Shenzhen Stock Exchange on March 10, 2026. The following is the response for your review. Unless otherwise specified, the abbreviations or definitions in this response have the same meanings as those in the prospectus. The font styles in this inquiry response represent the following meanings:
- Bold font: Questions listed in the inquiry letter
- Regular font: Responses to the questions in the inquiry letter
- Italicized bold font: Content related to modifications or supplements to the prospectus
- Italicized font: If there are discrepancies between totals and individual items in the data cited in this inquiry response, or if there are differences in decimal places from the original data, it may be due to variations in precision or rounding.
Table of Contents
- Question 1
- Question 2
Question 1
For the reporting periods, the issuer's operating revenues were 2,142,857.66 thousand yuan, 2,226,928.32 thousand yuan, 2,388,168.07 thousand yuan, and 2,011,625.89 thousand yuan, with net profits attributable to shareholders of the listed company being 50,183.25 thousand yuan, 16,943.85 thousand yuan, 67,758.83 thousand yuan, and 86,049.11 thousand yuan, respectively. The gross profit margins for the main business were 13.58%, 11.50%, 14.50%, and 14.82%, with overseas revenue accounting for over 65% in each period. During the reporting period, sales to the top five customers accounted for 68.90%, 72.62%, 69.00%, and 69.73% of total sales, with revenue from AMD exceeding 50% of total sales in each period. The issuer's holding subsidiary has a factory in Malaysia. Some raw materials need to be procured from abroad, and the top five suppliers during the reporting period were mainly foreign enterprises. As of the end of the most recent period, the issuer's financial investments accounted for 3.80%, with no significant financial investments held. The issuer is requested to provide additional explanations on the following:
- The reasons and rationality for the decline in net profit and gross profit margin in 2023, and whether the trend is consistent with comparable companies in the same industry.
- Basic information on the top five overseas customers during the reporting period, whether the corresponding overseas revenue matches customs data and customer payment situations; the reasons for the high customer concentration during the reporting period and its commercial rationality, the stability of future cooperation with AMD as a major customer, and whether there is a dependency on major customers; considering changes in the global semiconductor industry chain layout, trade policies, and export controls, explain the impact of these factors on the issuer's overseas operations and export revenue.
- Basic information and procurement situation of the top five overseas suppliers during the reporting period; whether there is a reliance on imports, whether there are domestic substitutes for related raw materials, and the specific impact of trade friction and international relations on the company's overseas procurement.
- The situation of external investments at the end of the reporting period, including company names, subscribed amounts, paid amounts, initial and subsequent investment timings, shareholding ratios, book values, proportions of the latest net assets attributable to the parent company, and whether they are classified as financial investments. If not classified as financial investments, please explain whether the issuer is solely seeking stable financial returns, and whether the reasons for not classifying them as financial investments are sufficient; details of any financial investments made or planned since the board meeting related to this issuance six months ago.