1-1
Shenzhen Stock Exchange: We have received your inquiry letter dated March 27, 2026, regarding Shenzhen Urban Transport Technology Group Co., Ltd.'s application for specific object stock issuance (Inquiry Letter [2026] No. 020026) (hereinafter referred to as "Inquiry Letter"). Shenzhen Urban Transport Technology Group Co., Ltd. (hereinafter referred to as "Shenzhen Urban Transport," "Issuer," or "Company") has conducted a thorough review of the issues listed in the Inquiry Letter with Guosen Securities Co., Ltd. (hereinafter referred to as "Sponsor"), Beijing Guofeng Law Firm (hereinafter referred to as "Issuer's Lawyer"), and Tianjian Accounting Firm (Special General Partnership) (hereinafter referred to as "Reporting Accountant"). We now provide the following responses for your review. Unless otherwise specified, the abbreviations used in this response are consistent with those in the "Shenzhen Urban Transport Technology Group Co., Ltd. 2025 Specific Object Stock Issuance Prospectus (Draft)" (hereinafter referred to as "Prospectus" or "Prospectus (Draft)"). Any discrepancies in totals due to rounding are unintentional. The questions listed in the Inquiry Letter are in bold, while the responses are in regular font, and modifications or supplements to the Prospectus are in italic (bold).
1-2
Table of Contents
- Question 1 ............................................................................................................................ 3
- Question 2 .......................................................................................................................... 36
1-3
Question 1
The application materials indicate that the Issuer has continuously promoted business transformation and development after going public, expanding its main business to big data, artificial intelligence, and intelligent transportation products. During the reporting period, the revenue structure of the Issuer's various business segments changed significantly. The Issuer's latest net profit attributable to shareholders decreased by 27.24% year-on-year, and the net profit for 2024 decreased by 34.74% year-on-year. At the end of the reporting period, the Issuer held a balance of fund products amounting to 9.9405 million yuan, which the company identified as financial products with high risk and significant income volatility. The Issuer is requested to:
- Explain the reasons and rationality for the inconsistent trends in operating income and net profit, as well as the significant decline in performance, considering the characteristics of each sub-industry, changes in the internal and external operating environment, changes in revenue structure, and comparable companies in the same industry.
- The Issuer is focusing on low-altitude economy and intelligent networking. Please explain whether there are mature projects in the domestic low-altitude economy and intelligent networking that have been implemented and their application status, as well as the income and profit situation of the Issuer's related businesses during the reporting period; whether the income of the Issuer and major market participants in related businesses mainly comes from industrial funds or government subsidies.
- Provide specific details of any financial investments implemented or planned by the company from six months prior to the board meeting related to this issuance to the present, the maximum holding amount of the aforementioned fund products, whether there have been any new investments in the aforementioned fund products, and whether there are any situations involving the deduction of raised funds. The Issuer is requested to disclose the relevant risks related to (1) and (2). The Sponsor should verify and express opinions, and the accountant should verify (1) and (3) and express opinions.