Jiuwu High-Tech responde às perguntas de revisão de obrigações convertíveis 2024 receita cai 29,55% mas lucro líquido cresce 16,94% contra a tendência

江苏久吾高科技股份有限公司（以下简称“久吾高科”）近日对深圳证券交易所关于其向不特定对象发行可转换公司债券的审核问询函进行了回复。
A 江苏久吾高科技股份有限公司 (hereinafter referred to as “JiuWu High-Tech”) recently responded to the Shenzhen Stock Exchange regarding its inquiry letter on the issuance of convertible corporate bonds to unspecified objects.
回复函详细披露了公司报告期内业绩波动、应收账款、存货、固定资产、短期借款及财务性投资等多方面情况，并对募投项目的必要性、合理性及风险进行了说明。
The reply letter detailed the company’s performance fluctuations during the reporting period, accounts receivable, inventory, fixed assets, short-term loans, and financial investments, and explained the necessity, reasonableness, and risks of the fundraising projects.

业绩波动：营收下滑与净利润增长并存
Performance Fluctuations: Revenue Decline and Net Profit Growth Coexist

报告期内，久吾高科营业收入分别为74130.94万元、75699.95万元、53328.69万元和37385.88万元。
During the reporting period, JiuWu High-Tech’s operating income was 74130.94 million yuan, 75699.95 million yuan, 53328.69 million yuan, and 37385.88 million yuan, respectively.
其中，2024年营业收入较2023年下降29.55%，主要受宏观经济波动及公司主动优化项目结构影响，放弃部分低毛利率项目。
Among them, the operating income in 2024 decreased by 29.55% compared to 2023, mainly due to macroeconomic fluctuations and the company’s proactive optimization of project structure, abandoning some low-margin projects.

与之形成对比的是，公司扣非归母净利润分别为2533.73万元、3929.77万元、4719.27万元和3408.11万元，2024年净利润同比上升16.94%。
In contrast, the company’s net profit attributable to the parent company after deducting non-recurring gains and losses was 2533.73 million yuan, 3929.77 million yuan, 4719.27 million yuan, and 3408.11 million yuan, with a year-on-year increase of 16.94% in net profit for 2024.
这一反向变动主要得益于高毛利率的吸附分离产品收入占比从2023年的12.89%上升至23.75%，以及权益法核算的长期股权投资收益增加。
This reverse change is mainly attributed to the increase in the proportion of high-margin adsorption separation product revenue from 12.89% in 2023 to 23.75%, as well as the increase in long-term equity investment income accounted for using the equity method.

产品结构调整：膜集成业务占比下降 材料及配件业务增长
Product Structure Adjustment: Decline in Membrane Integration Business Proportion, Growth in Materials and Accessories Business

公司主营产品为膜集成技术整体解决方案及其成套设备、材料及配件。
The company’s main products are overall solutions for membrane integration technology and their complete sets of equipment, materials, and accessories.
报告期内，膜集成技术整体解决方案及其成套设备收入占比从2022年的85.39%下降至2025年1-9月的45.33%，而材料及配件收入占比则从14.45%上升至52.64%。
During the reporting period, the revenue proportion of overall solutions for membrane integration technology and their complete sets of equipment fell from 85.39% in 2022 to 45.33% in January to September 2025, while the revenue proportion of materials and accessories increased from 14.45% to 52.64%.

材料及配件业务的增长主要由锂吸附剂产品驱动。
The growth of the materials and accessories business is mainly driven by lithium adsorbent products.
受益于下游盐湖提锂市场需求增长及公司年产6000吨锂吸附分离材料项目产能释放，锂吸附剂收入从2022年的3807.80万元增长至2024年的12666.22万元，报告期内复合增长率达37.36%。
Benefiting from the increase in demand in the downstream lithium extraction market and the release of capacity from the company’s annual production of 6000 tons of lithium adsorption separation materials project, the income from lithium adsorbents rose from 3807.80 million yuan in 2022 to 12666.22 million yuan in 2024, with a compound growth rate of 37.36% during the reporting period.

毛利率与期间费用：整体毛利率提升 费用率有所上升
Gross Margin and Period Costs: Overall Gross Margin Increase, Expense Ratio Rise

报告期内，公司主营业务毛利率呈逐年增长态势，从2022年的22.43%提升至2025年1-9月的44.36%。
During the reporting period, the gross margin of the company’s main business showed a year-on-year increasing trend, rising from 22.43% in 2022 to 44.36% in January to September 2025.
其中，膜集成技术整体解决方案及其成套设备毛利率从15.42%提升至27.67%，材料及配件毛利率保持在58%以上。
Among them, the gross margin of overall solutions for membrane integration technology and their complete sets of equipment increased from 15.42% to 27.67%, while the gross margin of materials and accessories remained above 58%.

期间费用方面，2024年公司期间费用率为32.03%，较2023年的18.89%显著上升，主要受实施股权激励导致销售费用、管理费用及研发费用增加，以及营业收入下降的综合影响。
In terms of period costs, the company’s period expense ratio for 2024 was 32.03%, a significant increase from 18.89% in 2023, mainly due to the increase in selling expenses, administrative expenses, and R&D expenses caused by the implementation of equity incentives, as well as the combined impact of declining operating income.

应收账款与存货：规模变动与减值计提
Accounts Receivable and Inventory: Scale Changes and Impairment Provisions

报告期各期末，公司应收账款账面价值分别为45325.75万元、58376.69万元、52493.43万元和49740.11万元，坏账准备占应收账款余额的比例分别为14.99%、18.43%、20.20%和24.32%，计提比例逐年提高。
At the end of each period during the reporting period, the company’s accounts receivable book value was 45325.75 million yuan, 58376.69 million yuan, 52493.43 million yuan, and 49740.11 million yuan, respectively, with the proportion of bad debt reserves to accounts receivable balances being 14.99%, 18.43%, 20.20%, and 24.32%, with the provision ratio increasing year by year.
应收账款周转率与同行业可比公司相比不存在重大差异。
The accounts receivable turnover ratio does not show significant differences compared to comparable companies in the same industry.

存货账面价值分别为24227.07万元、18709.68万元、23792.28万元和25643.09万元，存货跌价准备占当期存货账面余额的比重分别为0.65%、2.02%、4.34%和3.87%。
The inventory book value was 24227.07 million yuan, 18709.68 million yuan, 23792.28 million yuan, and 25643.09 million yuan, respectively, with the proportion of inventory impairment provisions to the book balance of the current inventory being 0.65%, 2.02%, 4.34%, and 3.87%.
公司表示，存货周转情况良好，不存在大额积压或滞销，跌价准备计提充分。
The company stated that the inventory turnover situation is good, with no significant backlog or unsold goods, and that the impairment provisions are adequately made.

短期借款与偿债能力：借款增加具备合理性 偿债能力良好
Short-term Loans and Debt Repayment Ability: Increase in Loans is Reasonable, Debt Repayment Ability is Good

截至2025年9月末，公司短期借款余额为9215.26万元，较2024年末的4006.52万元有所增加。
As of the end of September 2025, the company’s short-term loan balance was 9215.26 million yuan, an increase from 4006.52 million yuan at the end of 2024.
公司称，短期借款增加主要为应对业务规模扩张带来的营运资金需求及资本性支出需求，同时利用暂时闲置资金购买低风险理财产品以提高资金使用效益，不存在资金闲置与举债并存的不合理情形。
The company stated that the increase in short-term loans is mainly to meet the working capital and capital expenditure needs arising from business expansion, and to utilize temporarily idle funds to purchase low-risk financial products to improve capital efficiency, with no unreasonable situation of idle funds and debt coexisting.

公司货币资金余额及经营活动现金流量净额能够覆盖短期借款，主要偿债指标整体处于合理水平，短期偿债能力良好。
The company’s cash balance and net cash flow from operating activities can cover short-term loans, and the main debt repayment indicators are overall at a reasonable level, indicating good short-term debt repayment ability.
截至2026年2月末，公司已取得银行授信额度189000.00万元，已使用16809.79万元，尚未使用172190.21万元，授信额度充足。
As of the end of February 2026, the company has obtained a bank credit limit of 189000.00 million yuan, of which 16809.79 million yuan has been used, and 172190.21 million yuan remains unused, indicating a sufficient credit limit.

募投项目：聚焦特种无机膜 优化产品结构
Fundraising Projects: Focus on Special Inorganic Membranes, Optimize Product Structure

本次公开发行可转换公司债券拟募集资金总额不超过30400.00万元，拟投入特种无机膜组件及装置生产线项目和补充流动资金。
This public issuance of convertible corporate bonds aims to raise no more than 30400.00 million yuan, which will be invested in the production line projects for special inorganic membrane components and devices, as well as to supplement working capital.
其中，特种无机膜组件及装置生产线项目建成投产后预计年产5000只特种无机膜组件和100套特种无机膜分离装置，项目运营期内预计年均销售收入为16601.77万元，年均净利润为3223.09万元，项目内部收益率为14.41%。
Among them, the special inorganic membrane component and device production line project is expected to produce 5000 special inorganic membrane components and 100 sets of special inorganic membrane separation devices annually after completion. The expected average annual sales revenue during the project operation period is 16601.77 million yuan, with an average annual net profit of 3223.09 million yuan, and an internal rate of return of 14.41%.

公司表示，尽管膜集成业务收入及毛利占比持续下降，但膜材料相关业务仍为公司重要收入和利润来源。
The company stated that although the revenue and gross margin proportion of the membrane integration business continue to decline, the membrane material-related business remains an important source of revenue and profit for the company.
本次募投项目有助于公司夯实膜材料业务，优化产品结构，提升综合竞争力，符合公司发展战略。
This fundraising project will help the company strengthen its membrane material business, optimize its product structure, and enhance its overall competitiveness, aligning with the company’s development strategy.

风险提示
Risk Warning

公司补充披露了多项风险，包括经营业绩波动风险、经营活动现金流波动风险、应收账款回收及坏账风险、存货跌价风险、固定资产减值风险、偿债风险、募投项目实施风险、新增产能消化风险、效益未达预期风险、折旧对业绩影响风险、与徐州钛白相关的资产减值风险、前次募投项目影响风险及未转股可转债本息兑付风险等。
The company additionally disclosed several risks, including operational performance fluctuation risks, cash flow fluctuation risks from operating activities, accounts receivable collection and bad debt risks, inventory impairment risks, fixed asset impairment risks, repayment risks, risks in implementing fundraising projects, risks related to digesting new production capacity, risks of benefits not meeting expectations, risks of depreciation impacting performance, asset impairment risks related to Xuzhou titanium white, risks of previous fundraising project impacts, and risks of principal and interest repayment for convertible bonds that have not been converted.

久吾高科强调，本次发行募集资金将主要投向主业，有助于缓解公司资金压力，为业务发展提供保障。
JiuWu High-Tech emphasized that the funds raised from this issuance will mainly be directed towards its main business, helping to alleviate the company’s financial pressure and providing assurance for business development.
公司将积极应对各类风险，努力提升经营业绩，保障投资者权益。
The company will actively respond to various risks, strive to improve operational performance, and safeguard investors’ rights and interests.

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