Shenzhen Stock Exchange Inquiry Letter Reply
Shenzhen Stock Exchange:
According to the "Inquiry Letter on the Application for Issuance of Shares to Specific Objects by Shenzhen Yingke Rui Technology Co., Ltd." (Inquiry Letter [2026] No. 020040) issued by your esteemed exchange on May 14, 2026, Shenzhen Yingke Rui Technology Co., Ltd. (hereinafter referred to as "Yingke Rui," "the Issuer," "the Applicant," or "the Company") and Guotai Haitong Securities Co., Ltd. (hereinafter referred to as "the Sponsor"), Shanghai Jincheng Law Firm (hereinafter referred to as "Issuer's Counsel"), and Rongcheng Certified Public Accountants (Special General Partnership) (hereinafter referred to as "Accountant") have conducted thorough item-by-item verification and implementation of the issues involved in the inquiry letter. The reply is as follows, subject to your review.
Unless otherwise specified, the abbreviations or terminology used in this inquiry letter reply are consistent with the "Shenzhen Yingke Rui Technology Co., Ltd. Prospectus for Issuance of Shares to Specific Objects (Application Draft)" (hereinafter referred to as the "Prospectus").
The font representation in this inquiry letter reply is as follows:
| Inquiry Letter Item | Font Style |
|---|---|
| Question | Bold |
| Answer to the question | Song, Times New Roman |
| Modifications to the Prospectus and other application documents | Kai, Bold |
If the sum of the final digits in this inquiry letter reply does not match the sum of the final digits of the listed values, it is due to rounding.
Table of Contents
Table of Contents
Question 1
Question 2
Other Matters
Question 1
According to the application materials, from January to September 2025, the Company's operating revenue was 34,252.63 million yuan, 27,071.64 million yuan, 25,369.74 million yuan, and 30,154.12 million yuan, respectively. The net profit attributable to the parent company was -6,068.59 million yuan, -4,077.91 million yuan, -8,965.54 million yuan, and -4,466.94 million yuan, remaining negative. This is mainly due to fierce market competition downstream and significant R&D investment. The company's gross profit margin was 21.80%, 21.89%, 20.38%, and 18.54%, respectively. The overall gross profit margin was lower than the industry average. The net cash flow from operating activities was 3 million yuan, -689.94 million yuan, 78.78 million yuan, and 1,700.32 million yuan, showing an overall increasing trend.
As of September 2025, the book value of the Company's accounts receivable was 22,083.60 million yuan, 19,070.01 million yuan, 17,370.43 million yuan, and 19,210.70 million yuan, accounting for 40.12%, 44.55%, 39.25%, and 38.09% of the total current assets at the end of each period, respectively. The proportion of accounts receivable within one year was over 60%. According to the application materials, the accounts receivable turnover ratio is expected to continue to decline from 2023 to 2024.
As of September 2025, the book value of the Company's inventory was 9,718.51 million yuan, 6,449.11 million yuan, 10,340.91 million yuan, and 10,945.45 million yuan, accounting for 9.39%, 6.70%, 10.10%, and 10.13% of total assets, respectively.
As of September 2025, the Company's fixed assets mainly consist of houses and buildings, machinery, office equipment, and others, with book values of 18,318.31 million yuan, 18,545.36 million yuan, 36,682.29 million yuan, and 35,050.46 million yuan, accounting for 17.70%, 19.27%, 35.81%, and 32.43% of total assets, respectively. The amounts are relatively high. The book value of the Company's construction in progress was 15,572.98 million yuan, 21,906.00 million yuan, 10,436.06 million yuan, and 12,380.52 million yuan, accounting for 15.05%, 22.76%, 10.19%, and 11.46% of total assets, respectively.
From January to September 2025, the Company's R&D expenses were 5,334.63 million yuan, 5,647.84 million yuan, 6,407.54 million yuan, and 4,799.60 million yuan, accounting for 15.57%, 20.86%, 25.26%, and 15.92% of the operating revenue for each period, respectively.