Stock Abbreviation: Sihui Fuji
Stock Code: 300852
Sihui Fuji Electronics Technology Co., Ltd.
(Xiya Lang, Longwan Village, Xiamao Town, Sihui City)
Response to the Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Sihui Fuji Electronics Technology Co., Ltd.
(Revised Draft)
Sponsor (Lead Underwriter): Guolian Minsheng Investment Banking Company Limited
(No. 8 Puming Road, China (Shanghai) Pilot Free Trade Zone)
August 2026
Shenzhen Stock Exchange:
In accordance with the "Audit Inquiry Letter Regarding the Application for Issuance of Shares to Specific Targets by Sihui Fuji Electronics Technology Co., Ltd." (Audit Letter [2026] No. 020052) issued by your exchange on July 1, 2026, Sihui Fuji Electronics Technology Co., Ltd. (hereinafter referred to as "Sihui Fuji", "the Company", or "the Issuer"), together with the sponsor Guolian Minsheng Investment Banking Company Limited (hereinafter "the Sponsor"), Beijing Guantao Law Firm (hereinafter "Issuer's Counsel"), and Lixin Certified Public Accountants (Special General Partnership) (hereinafter "the Accountant"), have carefully reviewed and implemented the items involved in the inquiry letter. Simultaneously, in accordance with the requirements of the inquiry letter, the "Prospectus for the Issuance of A-shares to Specific Targets by Sihui Fuji Electronics Technology Co., Ltd." (hereinafter "the Prospectus") and other application documents have been revised and supplemented. The response is hereby submitted for your review.
Unless otherwise specified, the abbreviations in this response report have the same meanings as those defined in the "Definitions" section of the Prospectus. The fonts used correspond to the following content:
| Font | Meaning |
|---|---|
| Bold | Questions listed in the audit inquiry letter |
| Songti | Responses to the questions listed in the audit inquiry letter |
| Bold Italics | Revisions to the Prospectus and other application documents |
Unless otherwise specified, all numerical values in this response report are rounded to two decimal places. Any discrepancies between the total and the sum of individual items are due to rounding.
Table of Contents
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Question 1
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Other Matters
Question 1
I. According to the application materials, the Company intends to raise no more than 950 million RMB (inclusive) through this issuance of shares to specific targets. After deducting issuance expenses, the funds are intended for the "New Project for Annual Production of 5.58 Million Square Meters of High-Reliability Circuit Boards — Annual Production of 600,000 Square Meters of High-Multi-Layer and HDI Circuit Board Project (Phase I)", which will produce high-multi-layer and HDI circuit boards for servers, optical modules, industrial control, and automotive electronics. The project's post-tax static investment payback period is 7.49 years (including construction period), and the post-tax internal rate of return is 13.65%. Fixed asset investment accounts for 90.04% of the total project amount. During the reporting period, the Company's gross margin for its main business has gradually declined, reaching 24.55%, 19.03%, and 16.45%, respectively.
The Company's previous fundraising project involved the issuance of convertible bonds to unspecified targets in 2023, with net proceeds of 562 million RMB, used for the "Annual Production of 1.5 Million Square Meters of High-Reliability Circuit Boards Expansion Project (Phase I)" (annual production of 800,000 square meters of circuit boards) and for supplementing working capital. As of March 31, 2026, 433 million RMB of the previous proceeds had been used, accounting for 76.97% of the net proceeds. The Company has extended the equipment investment completion time for the previous project from December 2025 to December 2026, and the full production time from December 2026 to December 2027.
Since six months prior to the board resolution date of this issuance, the Company has implemented financial investments in the form of R3-rated wealth management products purchased with its own funds, totaling 20 million RMB.