Guangku Technology membalas surat pertanyaan pemeriksaan, menjelaskan secara rinci pendapatan aset utama serta biaya dan pengeluaran inti lainnya

Beijing Dehao International Accounting Firm recently issued a special verification opinion on Zhuhai Guangku Technology Co., Ltd.'s application for issuing shares, convertible bonds, cash payments, and raising supporting funds. They provided detailed responses to core issues such as asset income, cost and expenses, financial condition, related-party transactions, and goodwill.

The verification opinion shows that the target asset’s revenue during the reporting periods was 151.168 million yuan, 508.564 million yuan, and 320.835 million yuan, respectively, showing rapid growth. Among them, sales to the top five customers accounted for 93.77%, 96.97%, and 98.56%, respectively, indicating high customer concentration, with the largest customer’s sales share exceeding 80% for three consecutive years.

Regarding customer concentration, the verification opinion states that this situation is related to the high industry concentration of optical modules. The main customers of the target company are leading global optical module enterprises. In the 2024 global optical module market share ranking, Customer A holds 20%, ranking first, with a 37% share in the 800G optical module market. The target company has a long-standing cooperation history with major customers; cooperation with Customer A began in 2012, and cooperation with Customers B and C has lasted over 8 years, forming stable strategic partnerships.

During the reporting period, the target company’s sales to major customers were as follows:

The inquiry response indicates that the company’s revenue growth is mainly driven by the explosive demand for high-speed optical modules brought by AI data center construction. The global optical module market size grew from USD 10.453 billion in 2020 to USD 16.343 billion in 2024, and is expected to exceed USD 43.2 billion by 2030, with a CAGR of 17.59%. The company’s products are mainly used in the 400G and above high-speed optical module field, which is the core driver of revenue growth.

In terms of costs and expenses, the main business cost of the target company includes approximately 48% for raw materials and about 37% for labor costs. In 2024, the main business cost increased by 167.32% compared to 2023, mainly due to a significant increase in sales volume. During the reporting period, the company’s management expense ratio, sales expense ratio, and R&D expense ratio were 3.25%, 0.55%, and 3.71%, respectively, lower than the industry average, mainly because of high customer concentration, simple management structure, and rapid growth phase.

Financial data shows that as of the end of June 2025, the company’s accounts receivable book value was 205.9952 million yuan, accounting for 35.74% of total assets, with overdue receivables accounting for 0.38%, indicating good collection status. The provision for bad debts on accounts receivable is consistent with industry peers, with 5% provision for receivables within 1 year, 20% for 1-2 years, 50% for 2-3 years, and 100% for over 3 years.

Regarding related-party transactions, the target company purchased from the top supplier Fukuo Xima amounts of 1.07806 million yuan, 4.15012 million yuan, and 2.08350 million yuan, mainly raw materials such as MT connectors and MPO pins. The verification opinion believes that the pricing of related-party transactions is fair and does not differ significantly from third-party market prices, having little impact on the company’s performance.

After this transaction, the company’s goodwill will reach 1.594 billion yuan, accounting for 30.15% of total assets and 50.16% of net assets. The company has indicated that if goodwill impairment occurs, it may significantly affect net profit, net assets, and total assets. Assuming a 20% impairment of goodwill, net profit for 2024 would decrease by 183.04 million yuan.

Intermediary agencies believe that the company’s revenue growth is sustainable, high customer concentration aligns with industry characteristics, cost and expense levels are reasonable, related-party transaction pricing is fair, and the risk of goodwill impairment has been fully disclosed.

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