Junpu Intelligent Discloses Response to Private Placement Inquiry Letter, Plans to Raise 1.034 Billion Yuan to Expand Smart Robots and Other Projects

Ningbo Junpu Intelligent Manufacturing Co., Ltd. (hereinafter referred to as “Junpu Intelligent”) recently released a response to the “Inquiry Letter for the Review of the Application for Issuing Shares to Specific Objects,” addressing four major categories of questions raised by the Shanghai Stock Exchange regarding fundraising projects, operating conditions, inventory, and goodwill. The company plans to raise no more than 1,033,934,200 yuan through the issuance of shares to specific objects for the research and development and industrialization of intelligent robots, the application and technological service capability enhancement of medical and health intelligent devices, information technology construction, and the replenishment of working capital.

Fundraising Projects Focus on Core Business with an Annual Production Capacity of 11,900 Intelligent Robots

According to the response, the fundraising investment projects closely revolve around the company’s core business in intelligent manufacturing and serve as an extension and complement to existing operations. Among them, the total investment for the intelligent robot research and industrialization project is 623,336,000 yuan, with 550,584,200 yuan planned to be invested from the raised funds. Once the project reaches full production, it will add an annual production capacity of 11,942 intelligent robots and related products, specifically including 2,000 G2 industrial-grade interactive wheeled robots, 1,500 Jarvis 3.0 full-sized humanoid robots, and 5,000 OEM service units, among eight product types.

The project for enhancing the application and technological service capabilities of medical and health intelligent devices has a total investment of 114,350,000 yuan, with plans to use 73,050,000 yuan from the raised funds. This will add an annual production capacity of 30,000 key components such as precision stainless steel square parts and shafts, as well as precision aluminum square parts and shafts, while improving the standardized production capacity of medical devices such as injection pens and pre-filled syringes. The information technology construction project plans to invest 110,300,000 yuan from the raised funds to upgrade core systems such as SAP and PLM, build an AI platform, and enhance global business collaboration capabilities. Additionally, 30,000,000 yuan of the raised funds will be used to supplement working capital, accounting for 29.02% of the total fundraising amount.

Capacity Absorption is Guaranteed with Orders Exceeding 73 Million Yuan

In response to the capacity absorption concerns of the intelligent robot project, the company stated that as of the date of the response, it has confirmed cumulative robot sales revenue of 3,907,200 yuan, with an order amount of 73,172,600 yuan, including core customers such as Zhiyuan Innovation and Yuanqi Innovation. Meanwhile, the company has clearly commissioned production demands with Zhiyuan Robot, with no less than 1,200 units of G2 and subsequent G series products commissioned (1,000 units already ordered) and no less than 1,000 units of biped robots commissioned. At the industry level, the global embodied robot market is expected to grow from 16.6 billion yuan to 162 billion yuan from 2025 to 2029, with an average annual compound growth rate of about 77%, providing ample space for capacity absorption.

Operational Performance Fluctuations are an Industry Commonality with Increasing Foreign Income Proportion

During the reporting period (from 2022 to January-September 2025), the company’s operating revenues were 1,995,346,700 yuan, 2,095,787,600 yuan, 2,661,715,100 yuan, and 1,508,335,100 yuan, with net profits attributable to the parent company of 42,277,000 yuan, -206,108,500 yuan, 8,197,700 yuan, and -54,337,700 yuan, respectively. The performance fluctuations are primarily influenced by factors such as gross profit margins, expense ratios, asset impairments, and government subsidies. The fourth quarter of 2024 accounts for 40.91% of operating revenue, mainly due to the confirmation of income from concentrated acceptance of prior orders, showing no significant differences compared to industry peers, and there are no issues of early revenue recognition.

The company’s proportion of foreign income has been increasing year by year, rising from 63.33% in 2022 to 76.59% in January-September 2025, primarily benefiting from global layout, product competitive advantages, and the increasing proportion of foreign income from large customers. Foreign sales are mainly concentrated in Germany, Austria, and the United States, with the main products being intelligent manufacturing equipment for the automotive industry, and foreign sales revenue matches customs declaration data. The company has adequately highlighted trade policy and exchange rate fluctuation risks in the “Fundraising Prospectus.”

Sufficient Inventory and Goodwill Impairment Provisions

As of the end of September 2025, the company’s inventory book value was 2,029,519,700 yuan, accounting for 39.06% of total assets, primarily composed of work-in-progress, with an order coverage rate of 189.41%, and most inventory aged within two years, matching the 6-24 month project cycle. The inventory impairment provisions for each reporting period are sufficient, with the provision rate at a reasonable level compared to industry peers. The goodwill book value is 723,155,100 yuan, mainly coming from acquisitions such as PIA Amberg and Macarius GmbH. In 2023, only a provision of 7,457,800 yuan was made for PIA USA, while the recoverable amounts of other asset groups exceeded their book values, and the impairment provisions comply with the provisions of corporate accounting standards.

No Large Financial Investments, Fair Related Transactions

As of the most recent reporting period, the company does not have any large financial investments. Within six months prior to the board resolution for this issuance, the company has not made or planned to make any financial investments. After the last fundraising project changes, the proportion of non-capital expenditures has decreased from 59.86% to 58.26%. During the reporting period, related-party transactions were mainly for the sale of intelligent equipment for automotive parts to companies under the Junsen Group, with fair transaction prices. The high gross profit margins for related parties in 2024 and January-September 2025 are mainly due to the transmission of end customer pricing and cost advantages of mature projects.

Junpu Intelligent stated that after the implementation of this fundraising project, it will further improve the company’s intelligent equipment product matrix, strengthen core competitiveness, and align with the company’s long-term development strategy. The sponsoring institution, Yongxing Securities, believes that the scale of this financing is reasonable, and the benefit calculations are cautious. There have been no significant changes in the implementation environment of previous fundraising projects, which will not affect the implementation of this fundraising.

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Editor: Xiao Lang Fast Report