Stock Abbreviation: Guoke Tiancheng
Stock Code: 301571
Response Report on the Audit Inquiry Letter Regarding the Application of Guoke Tiancheng Technology Co., Ltd. for Issuing Convertible Corporate Bonds to Unspecified Targets
Sponsor (Lead Underwriter)
June 2026
Shenzhen Stock Exchange:
In accordance with the requirements of the "Audit Inquiry Letter Regarding the Application of Guoke Tiancheng Technology Co., Ltd. for Issuing Convertible Corporate Bonds to Unspecified Targets" (Audit Letter [2025] No. 020041) (hereinafter referred to as the "Audit Inquiry Letter") issued by your exchange on August 11, 2025, Guoke Tiancheng Technology Co., Ltd. (hereinafter referred to as the "Company," "Guoke Tiancheng," or the "Issuer"), together with Guotai Haitong Securities Co., Ltd. (hereinafter referred to as the "Sponsor"), Beijing Jingtian & Gongcheng (Chengdu) Law Firm (hereinafter referred to as "Issuer's Counsel"), and Zhixin Certified Public Accountants (Special General Partnership) (hereinafter referred to as "Issuer's Auditor"), have conducted a diligent investigation, verification, and discussion of the questions raised in the Audit Inquiry Letter in accordance with the principles of diligence, honesty, and trustworthiness. We have completed the "Response Report of Guoke Tiancheng Technology Co., Ltd. and Guotai Haitong Securities Co., Ltd. on the Audit Inquiry Letter Regarding the Application of Guoke Tiancheng Technology Co., Ltd. for Issuing Convertible Corporate Bonds to Unspecified Targets" (hereinafter referred to as this "Response Report") and hereby submit it for your review.
Explanation regarding the interpretation of content, format, and supplementary disclosure in this response:
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Unless otherwise specified, the abbreviations or proper nouns used in this Response Report have the same meanings as those in the "Prospectus for the Issuance of Convertible Corporate Bonds to Unspecified Targets by Guoke Tiancheng Technology Co., Ltd." (hereinafter referred to as the "Prospectus"). In this Response Report, any discrepancies between the sum of individual items and the total are due to rounding.
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The fonts used in this Response Report represent the following meanings:
| Font Style | Meaning |
|---|---|
| Bold | Questions listed in the Audit Inquiry Letter |
| Songti | Responses to the questions listed in the Audit Inquiry Letter |
| Bold Italics | Revisions and supplements to the Prospectus |
Table of Contents
Question 1: 3
Question 2: 99
Question 1
According to the application materials, during the reporting period, the Company's operating income continued to rise, reaching 529,555,300 yuan, 701,584,500 yuan, 960,645,000 yuan, and 119,694,700 yuan, respectively. Revenue from businesses including cooled infrared products, uncooled infrared products, precision optical circuit modules, and others all showed an upward trend. During the reporting period, the Company's gross margin for optoelectronic business was 34.80%, 38.69%, 31.77%, and 33.69%, respectively, with a significant decline in 2024. Among these, the gross margin for cooled infrared products was 35.62%, 38.46%, 32.44%, and 32.19%; the gross margin for uncooled infrared products was 6.32%, 5.80%, 28.17%, and 31.09%; and the gross margin for precision optical products was 31.11%, 42.29%, 34.45%, and 39.71%. The gross margins of major products fluctuated to a certain extent.
During the reporting period, the Company's net profit after deducting non-recurring gains and losses attributable to the parent company was 95,195,100 yuan, 128,697,700 yuan, 160,297,900 yuan, and 12,142,300 yuan, respectively. However, the net cash flow from operating activities was -203,435,500 yuan, -96,113,600 yuan, -29,314,600 yuan, and -42,719,700 yuan, respectively, remaining negative. This is mainly because the Company primarily uses a prepayment model for raw material procurement, while downstream customers are granted certain credit periods, which differs from the cash flow situation of comparable companies in the same industry.