Shenzhen Stock Exchange:
We have received your inquiry letter dated December 5, 2025, regarding Wuhan Guangxun Technology Co., Ltd.'s application for stock issuance to specific objects (Inquiry Letter [2025] No. 120058) (hereinafter referred to as "Inquiry Letter"). Wuhan Guangxun Technology Co., Ltd. (hereinafter referred to as "the Company," "the Issuer," or "Guangxun Technology") has, in collaboration with Shenwan Hongyuan Securities Underwriting and Sponsorship Co., Ltd. (hereinafter referred to as "the Sponsor"), Beijing Jiayuan Law Firm (hereinafter referred to as "the Issuer's Lawyer"), and Grant Thornton Accounting Firm (Special General Partnership) (hereinafter referred to as "the Issuer's Accountant"), diligently and honestly reviewed and addressed the issues raised in the Inquiry Letter. We hereby respond as follows for your review. Unless otherwise specified, the abbreviations or definitions in this reply are the same as those in the prospectus for the stock issuance to specific objects. If there are discrepancies between the total amounts and the sums of individual items in this reply, they are due to rounding. The font types in this reply represent the following meanings:
- Bold font (黑体) indicates the questions listed in the Inquiry Letter.
- Song font (宋体) indicates the responses to the questions listed in the Inquiry Letter.
- Italic bold font (楷体) indicates revisions and supplements to this inquiry response.
Table of Contents
- Question 1 ............................................................................................................................ 3
- Question 2 .......................................................................................................................... 76
- Other Issues ....................................................................................................................... 126
Question 1
According to the declaration materials, the issuer's main business revenue primarily comes from two categories of products: transmission and data access. During the reporting period, the issuer's main business revenues were 6,904.32 million yuan, 6,052.78 million yuan, 8,229.98 million yuan, and 8,515.27 million yuan, with a growth of 35.97% from 2023 to 2024, and a growth of 58.65% in the first nine months of 2025 compared to the same period in 2024. The net profit attributable to the parent company after deducting non-recurring gains and losses was 542.47 million yuan, 564.46 million yuan, 629.71 million yuan, and 678.43 million yuan, respectively. The issuer's main business gross profit margins were 23.61%, 22.56%, 22.08%, and 23.02%, respectively. The net cash flow from operating activities was 639.23 million yuan, 1,050.17 million yuan, -640.94 million yuan, and 1,076.45 million yuan, showing significant fluctuations. During the reporting period, the company's overseas sales revenue accounted for 36.69%, 34.32%, 28.27%, and 25.07% of total revenue, respectively. The company procures high-end raw materials such as optical chips and electrical chips mainly through imports from overseas regions such as the United States and Europe, with most of its top five suppliers being foreign suppliers. At the end of each reporting period, the company's inventory balances were 2,659.42 million yuan, 2,261.58 million yuan, 4,398.58 million yuan, and 6,705.99 million yuan, with significant increases in inventory over the last two years due to the company's strategic reserves of key raw materials and inventory items in high market demand. The proportion of inventory impairment losses to inventory balances was 12.37%, 16.60%, 10.08%, and 7.80%, respectively, while the book value of inventory accounted for 33.72%, 31.12%, 47.81%, and 72.47% of sales revenue, showing an upward trend. The inventory turnover rates were 2.33 times/year, 2.23 times/year, 2.20 times/year, and 1.72 times/year (annualized), indicating a decrease in turnover during the reporting period.