Jiuwu High-Tech responde às perguntas de revisão de obrigações convertíveis: detalhes sobre a oscilação de desempenho e a razoabilidade dos projetos de captação de recursos

江苏久吾高科技股份有限公司（以下简称“久吾高科”）近日就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相关财务问题进行了回复。
A Jiangsu Jiuwu High-Tech Co., Ltd. (hereinafter referred to as “Jiuwu High-Tech”) recently responded to the Shenzhen Stock Exchange regarding the financial issues related to its issuance of convertible corporate bonds to unspecified objects.
公司对报告期内业绩波动原因、应收账款及存货管理、固定资产状况、短期借款合理性以及募投项目可行性等问题进行了详细说明。
The company provided a detailed explanation of the reasons for performance fluctuations during the reporting period, accounts receivable and inventory management, fixed asset status, the reasonableness of short-term loans, and the feasibility of fundraising projects.

业绩波动原因及合理性分析
Reasons for Performance Fluctuations and Rationality Analysis

报告期内，久吾高科营业收入分别为74,130.94万元、75,699.95万元、53,328.69万元和37,385.88万元，2024年营业收入较2023年下降29.55%。
During the reporting period, Jiuwu High-Tech’s operating income was 74,130.94 million yuan, 75,699.95 million yuan, 53,328.69 million yuan, and 37,385.88 million yuan, with 2024 revenue down 29.55% compared to 2023.
尽管营收下滑，公司扣非归母净利润却呈现增长趋势，分别为2,533.73万元、3,929.77万元、4,719.27万元和3,408.11万元。
Despite the decline in revenue, the company’s net profit attributable to the parent after deducting non-recurring gains and losses showed an upward trend, amounting to 2,533.73 million yuan, 3,929.77 million yuan, 4,719.27 million yuan, and 3,408.11 million yuan.

公司表示，业绩变动主要系产品结构优化及投资收益增加所致。
The company stated that the performance changes were mainly due to product structure optimization and increased investment income.
一方面，高毛利率的吸附分离产品收入占比由2023年的12.89%上升至23.75%，同时主动放弃部分低毛利项目，带动综合毛利率提升；
On one hand, the revenue share of high-margin adsorption separation products increased from 12.89% in 2023 to 23.75%, while actively giving up some low-margin projects, driving the overall gross margin increase;
另一方面，权益法核算的长期股权投资收益由2023年的1,092.26万元增加至2024年的2,411.60万元。
On the other hand, the equity method accounted long-term equity investment income increased from 1,092.26 million yuan in 2023 to 2,411.60 million yuan in 2024.

主要产品收入及毛利率变动情况如下：
The revenue and gross margin changes of major products are as follows:

与同行业可比公司相比，久吾高科收入变动趋势与行业一致，2024年净利润增长与津膜科技、三达膜变动趋势相符，碧水源因参股公司经营不佳导致净利润下降。
Compared to comparable companies in the industry, Jiuwu High-Tech’s revenue fluctuation trend is consistent with the industry, the 2024 net profit growth aligns with the trends of Jinmo Technology and Sandamembrane, while Beishuiyuan’s net profit declined due to poor management of its affiliated companies.

应收账款与存货管理状况
Accounts Receivable and Inventory Management Status

报告期各期末，公司应收账款账面价值分别为45,325.75万元、58,376.69万元、52,493.43万元和49,740.11万元，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%，呈逐年上升趋势。
At the end of each period during the reporting period, the company’s accounts receivable book value was 45,325.75 million yuan, 58,376.69 million yuan, 52,493.43 million yuan, and 49,740.11 million yuan, with the proportion of bad debt provisions to accounts receivable balance being 14.99%, 18.43%, 20.20%, and 24.32%, showing a yearly upward trend.
应收账款周转率虽呈下降趋势，但总体处于同行业可比公司范围内。
Although the accounts receivable turnover rate showed a downward trend, it remained within the range of comparable companies in the industry.
截至2026年2月28日，各期末应收账款回款比例分别为79.57%、58.72%、42.55%和19.91%。
As of February 28, 2026, the collection ratios for accounts receivable at the end of each period were 79.57%, 58.72%, 42.55%, and 19.91%.

公司表示，应收账款规模变动主要受宏观经济增速放缓、回款周期增加及会计处理影响，坏账准备计提政策与同行业可比公司不存在重大差异，计提充分。
The company stated that the changes in accounts receivable scale were mainly influenced by the slowdown in macroeconomic growth, increased collection cycles, and accounting treatments, with the bad debt provision policies being consistent with comparable companies in the industry and sufficiently provided.
对于账龄较长的应收账款，主要客户多为央企、地方国企或上市公司子公司，部分仍在回款，公司已积极协商回款计划并加大催收力度。
For long-aged accounts receivable, the main clients are mostly central enterprises, local state-owned enterprises, or subsidiaries of listed companies, some of which are still in the collection process. The company has actively negotiated collection plans and increased collection efforts.

存货方面，报告期各期末账面价值分别为24,227.07万元、18,709.68万元、23,792.28万元和25,643.09万元，存货跌价准备金额占当期存货账面余额的比重分别为0.65%、2.02%、4.34%和3.87%。
Regarding inventory, the book values at the end of each period during the reporting period were 24,227.07 million yuan, 18,709.68 million yuan, 23,792.28 million yuan, and 25,643.09 million yuan, with the provision for inventory impairment accounting for 0.65%, 2.02%, 4.34%, and 3.87% of the book balance of inventory.
公司存货周转率与同行业可比公司相比不存在重大差异，订单覆盖率较高，截至2026年2月28日，各期末存货期后结转比例分别为94.05%、87.26%、75.61%和45.32%。
The company’s inventory turnover rate does not differ significantly compared to comparable companies in the industry, with a high order coverage rate. As of February 28, 2026, the proportion of inventory transferred after the period end was 94.05%, 87.26%, 75.61%, and 45.32% respectively.
公司认为存货周转情况良好，不存在大额积压、滞销情况，跌价准备计提充分。
The company believes that the inventory turnover situation is good, with no significant backlog or unsold goods, and that the impairment provision is sufficiently provided.

固定资产与短期借款合理性
Reasonableness of Fixed Assets and Short-term Loans

报告期各期末，公司固定资产账面价值分别为28,045.65万元、33,451.83万元、31,096.51万元和32,166.10万元，未计提减值准备。
At the end of each period during the reporting period, the company’s fixed asset book values were 28,045.65 million yuan, 33,451.83 million yuan, 31,096.51 million yuan, and 32,166.10 million yuan, with no impairment provisions made.
公司表示，固定资产增长主要系业务规模发展所致，与业务规模相匹配。
The company stated that the growth of fixed assets was mainly due to business scale development and is aligned with the scale of operations.
固定资产减值测试符合行业惯例，除制备建筑石膏粉工段设备外，主要固定资产均不存在减值迹象。
The fixed asset impairment tests comply with industry practices, and except for equipment in the gypsum powder preparation segment, there are no signs of impairment for major fixed assets.

短期借款方面，报告期各期末余额分别为0万元、7,005.26万元、4,006.52万元和9,215.26万元，占流动负债的比例分别为0%、11.58%、6.50%和14.88%。
Regarding short-term loans, the balances at the end of each period during the reporting period were 0 million yuan, 7,005.26 million yuan, 4,006.52 million yuan, and 9,215.26 million yuan, accounting for 0%, 11.58%, 6.50%, and 14.88% of current liabilities respectively.
公司表示，短期借款增加主要系业务规模扩张导致营运资金需求提升，同时为维持银行授信额度及应对资本性支出需求。
The company stated that the increase in short-term loans was mainly due to the expansion of business scale leading to higher working capital needs, as well as maintaining bank credit lines and addressing capital expenditure requirements.
截至2025年9月末，公司货币资金28,255.87万元，交易性金融资产（主要为理财产品）12,052.48万元，资金储备充足。
As of the end of September 2025, the company had monetary funds of 28,255.87 million yuan and trading financial assets (mainly wealth management products) of 12,052.48 million yuan, indicating sufficient liquidity.
与同行业可比公司相比，短期借款占货币资金及交易性金融资产的比例处于较低水平，不存在资金闲置与举债并存的不合理情形。
Compared to comparable companies in the industry, the proportion of short-term loans to monetary funds and trading financial assets is at a low level, with no unreasonable situation of idle funds and debt coexistence.

公司已制定明确的短期借款及一年内到期非流动负债偿还计划，货币资金对短期借款覆盖比例较高，银行授信额度充足，主要偿债指标整体处于合理水平，短期偿债能力良好。
The company has established a clear repayment plan for short-term loans and non-current liabilities maturing within one year, with a high coverage ratio of monetary funds to short-term loans, sufficient bank credit lines, and overall key repayment indicators being at a reasonable level, demonstrating good short-term repayment capability.

募投项目产能规划及效益测算
Capacity Planning and Benefit Estimation for Fundraising Projects

本次公开发行可转换公司债券拟募集资金总额不超过30,400万元，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 offering of convertible corporate bonds aims to raise no more than 30,400 million yuan, to be invested in the production line project for special inorganic membrane components and to supplement working capital.
其中，特种无机膜组件及装置生产线项目建成后预计年产5,000只特种无机膜组件和100套特种无机膜分离装置，运营期内预计年均销售收入16,601.77万元，年均净利润3,223.09万元，内部收益率14.41%，整体毛利率约34.34%。
Among them, the special inorganic membrane component and device production line project is expected to produce 5,000 special inorganic membrane components and 100 sets of special inorganic membrane separation devices annually after completion, with an expected average annual sales revenue of 16,601.77 million yuan, an average annual net profit of 3,223.09 million yuan, an internal rate of return of 14.41%, and an overall gross margin of about 34.34%.

公司表示，尽管膜集成业务收入及毛利占比持续下降，但其仍是公司核心业务之一。
The company stated that although the revenue and gross margin share of membrane integration business continues to decline, it remains one of the core businesses of the company.
本次募投项目产品为高装填陶瓷膜组件和碳化硅陶瓷膜分离装置，属于高性能特种陶瓷膜，市场前景广阔。
The products of this fundraising project are high-fill ceramic membrane components and silicon carbide ceramic membrane separation devices, which belong to high-performance special ceramic membranes with broad market prospects.
国家政策鼓励高性能膜材料发展，下游水处理、新能源、化工等领域需求旺盛。
National policies encourage the development of high-performance membrane materials, with strong demand in downstream sectors such as water treatment, new energy, and chemicals.
根据中国膜工业协会数据，公司在国内陶瓷滤膜及成套装备市场占有率超过40%，全球市场占有率超过10%。
According to data from the China Membrane Industry Association, the company holds over 40% market share in the domestic ceramic filter membrane and complete equipment market, and over 10% in the global market.

截至2026年2月末，公司碳化硅陶瓷膜相关业务在手订单101.6万元，另有意向合作客户需求23,700只，已覆盖项目达产后膜元件预期销量的70.64%；
As of the end of February 2026, the company had orders worth 1.016 million yuan for its silicon carbide ceramic membrane-related business, with additional demand from potential cooperative clients for 23,700 units, covering 70.64% of the expected sales volume of membrane components after the project reaches production;
高装填陶瓷膜相关业务在手订单1.21亿元，预计新增产能可顺利消化。
The high-fill ceramic membrane-related business has orders amounting to 121 million yuan, with the anticipated new production capacity expected to be smoothly absorbed.
公司将通过深入挖掘客户需求、完善销售体系、严控产品质量、加大品牌宣传及加强研发等措施消化新增产能，产能闲置风险较小。
The company will absorb the new production capacity by deeply exploring customer needs, improving the sales system, strictly controlling product quality, increasing brand promotion, and strengthening research and development, with minimal risk of idle capacity.

效益测算方面，本次募投项目达产后整体毛利率35.15%，略高于同行业可比公司相似业务水平，主要系产品为高性能陶瓷膜组件及分离装置，附加值较高。
In terms of benefit estimation, the overall gross margin of this fundraising project after reaching production is 35.15%, slightly higher than the similar business levels of comparable companies in the industry, primarily due to the products being high-performance ceramic membrane components and separation devices with higher added value.
内部收益率14.41%，低于公司前期类似项目及部分同行业公司项目，效益测算谨慎合理。
The internal rate of return is 14.41%, lower than that of the company’s previous similar projects and some projects of peers in the industry, with the benefit estimation being cautious and reasonable.

前次募投项目情况及本次融资必要性
Status of Previous Fundraising Projects and Necessity of This Financing

公司前次募集资金包括2020年公开发行可转债和2021年向特定对象发行股票。
The company’s previous fundraising included the public issuance of convertible bonds in 2020 and a private placement of shares in 2021.
其中，钛石膏资源化项目因合作方徐州钛白停产及资金冻结等问题面临不确定性，公司已对相关应收款项1,172.34万元计提坏账准备76.19万元，并正推进与第三方合作运营相关资产。
Among them, the titanium gypsum resource project faces uncertainties due to issues such as the shutdown of the partner Xuzhou Titanium Dioxide and fund freezing. The company has made a bad debt provision of 76.19 million yuan for related accounts receivable of 1,172.34 million yuan and is promoting cooperation with third parties to operate related assets.
公司表示，该项目相关应收款项金额相对较小，对现金流影响有限，预计不会对本次可转债偿付能力产生重大不利影响。
The company stated that the amount of accounts receivable related to this project is relatively small, with limited impact on cash flow, and it is expected that there will be no significant adverse effect on the repayment capability of this convertible bond.

结合公司货币资金余额及使用安排、现金流情况、经营资金需求、未来重大资本支出及债务偿还安排等，公司测算未来六年资金缺口为65,723.80万元，本次融资30,000万元能够有效缓解资金压力。
Considering the company’s monetary fund balance and usage plans, cash flow situation, operational funding needs, future major capital expenditures, and debt repayment arrangements, the company estimates a funding gap of 65,723.80 million yuan over the next six years, and this financing of 30,000 million yuan can effectively alleviate financial pressure.
本次发行完成后，公司资产负债率将由34.11%增长至42.74%（转股前），与同行业平均值基本持平；
After the completion of this issuance, the company’s debt-to-assets ratio will increase from 34.11% to 42.74% (before conversion), which is roughly in line with the industry average;
流动比率和速动比率将分别由2.21和1.79提升至2.69和2.28，短期偿债能力增强。
The current ratio and quick ratio will increase from 2.21 and 1.79 to 2.69 and 2.28 respectively, enhancing short-term repayment ability.
公司未来六年经营性现金流量净额及募投项目产生现金流足以覆盖本次可转债本息，具备偿债能力。
The company’s net operating cash flow and cash flow generated from fundraising projects over the next six years will be sufficient to cover the principal and interest of this convertible bond, demonstrating repayment capability.

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