688208: list of explanations on financial matters in the examination and inquiry letter on Autel Intelligent Technology Corp.Ltd(688208) application documents for issuing convertible corporate bonds to unspecified objects
1、 About the previous raised investment project Page 1-14 II. About this raised investment project Page 14-36 III. necessity of financing Page 36-49 IV. financial investment Page 49-55 v. inventory and prepayment Page 55-66 VI. about solvency Page 66-68 VII. Others Page 68-76
About Autel Intelligent Technology Corp.Ltd(688208)
Application documents for issuing convertible corporate bonds to unspecified objects
Notes on financial matters in the audit inquiry letter
TJH [2022] No. 115
Shanghai Stock Exchange:
We have received the inquiry letter on the examination of Autel Intelligent Technology Corp.Ltd(688208) application documents for issuing convertible corporate bonds to unspecified objects (szkss (refinancing) [2021] No. 119, hereinafter referred to as the inquiry letter) transferred from Citic Securities Company Limited(600030) . We have carefully checked the financial matters of Autel Intelligent Technology Corp.Ltd(688208) (hereinafter referred to as Autel Intelligent Technology Corp.Ltd(688208) or the company) mentioned in the inquiry letter, and now report as follows. The abbreviations of all companies involved in this note are consistent with the notes of Autel Intelligent Technology Corp.Ltd(688208) prospectus, and there may be slight differences between the aggregate and aggregate data of individual data in some tables, which are caused by rounding in the calculation process. 1、 About the previous raised investment project (question 1 of the inquiry letter)
According to the application documents, (1) the company reviewed and approved the proposal on changing the implementation location of some raised investment projects on December 8, 2020, and changed the implementation location of ” Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and R & D center construction project” (hereinafter referred to as project I) to the central Innovation Zone of Xi’an high tech new area; (2) On June 28, 2021, the company deliberated and passed the proposal on changing some raised investment projects, implementation subjects and implementation locations, changing the raised investment project I to ” Autel Intelligent Technology Corp.Ltd(688208) Xi’an R & D center construction project” (hereinafter referred to as Project II) and ” Autel Intelligent Technology Corp.Ltd(688208) new energy product R & D project” (hereinafter referred to as project III). The implementation cycle of Project II is proposed to be extended to 4 years; (3) The implementation subject of “automobile intelligent diagnosis cloud service platform construction project” (hereinafter referred to as project IV) was changed from daotong hechuang, a wholly-owned subsidiary of the company, to daotong Xi’an, a wholly-owned subsidiary of the company, and the implementation location was changed from Shenzhen to Xi’an, Shaanxi Province.
The issuer is requested to explain: (1) the specific circumstances and reasons for changing the implementation content, implementation cycle and project amount of project I; (2) The implementation progress and overall schedule of each project after the change, whether project IV has reached the expected usable state, and the expected time to realize the income; (3) The reasons why the new location has obvious regional advantages but fails to fully meet the company’s project land demand, the relevance between project 2 and project 3, the reason and rationality of the proposed extension of the implementation cycle of project 2 to 4 years, and whether the implementation content, specific products and implementation location of project 3 are consistent with the main production and operation place of the implementation subject; (4) Whether the site, equipment and personnel of the changed implementation site meet the needs of project IV.
Please report to the accountant for verification and express clear opinions.
The filing and environmental impact assessment after the change of the previous raised investment project are described as follows:
Unit: 10000 yuan
Serial No. project name project investment proposed to use raised project filing information project EIA project land
Approval of total funds
1 Autel Intelligent Technology Corp.Ltd(688208) Xi’an R & D 34265.44 34265.44 2109-610161-04 is not applicable to leasing
Center construction project-05-979921
2 Autel Intelligent Technology Corp.Ltd(688208) new energy production 21344.20 21344.20 2109-440305-04 is not applicable to leasing
Product R & D project-05-761490
3. Car intelligent diagnosis cloud service 9390.98 9390.98 2019-440305-65 is not applicable to leasing
Service platform construction project-03-101567
Note: after the change of the previous raised investment project, the company has gone through the filing procedures of the national development and Reform Commission again. Since the changed projects are R & D projects and do not produce pollution and other problems, the EIA filing is not required according to relevant regulations
（1） Change the implementation content, implementation cycle and project amount of project I and the reasons
On December 8, 2020, the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors deliberated and adopted the proposal on changing the implementation location of some raised investment projects, changing the implementation location of project I. On June 28, 2021, the ninth meeting of the third board of directors and the ninth meeting of the third board of supervisors deliberated and adopted the proposal on changing some raised investment projects, implementation subjects and implementation locations, changing project I into Project II and project III, of which project II is implemented by Xi’an daotong, located in Xi’an high tech Zone, and the implementation cycle is 4 years; The third project is jointly created and implemented by daotong. The implementation site is located in Nanshan District, Shenzhen. The implementation cycle is 2 years.
The details of project I changed twice by the company are shown in the table below:
The first change and the second change of the original plan of the project
Project name Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and R & D Autel Intelligent Technology Corp.Ltd(688208) Xi’an R & D center Autel Intelligent Technology Corp.Ltd(688208) new energy product center construction project (project I) core construction project (Project II) R & D project (project III)
Project change December 2020 June 2021
Announcement time
Implementation subject: Xi’an daotong Xi’an daotong co creation
The company’s business scale continues to expand, but in Shenzhen, the company plans to purchase the global new energy vehicle penetration area in Xi’an. The site scale is limited. In order to ensure the R & D site for production and operation, the company intends to maintain stability in the existing intelligence rate, The company urgently needs to build its own production-based diagnosis and analysis system and actively layout the implementation content of new energy vehicles.
The company has purchased land in Xi’an and plans to build a digital maintenance information post market, grasp the R & D of maintenance, production and storage workshops and relevant supporting auxiliary equipment, improve the facilities such as maintenance, charging and discharging, introduce advanced production equipment, build a westernized and intelligent level, and promote new opportunities in the field, Provide products and services related to the technical progress of new energy charging and discharging system in the automotive market maintenance technology of ANN northwest headquarters base and R & D center
The implementation cycle is 2 years, 4 years and 2 years
(1) Government land planning readjusted
Reasons for change government land planning adjustment (2) actively layout new opportunities in the repair, maintenance, charging and discharge of electric vehicles in the automotive aftermarket
The project amount is 556.0964 million yuan, 342.6544 million yuan and 213.442 million yuan
Land use: land purchase and self construction lease first and then purchase real estate lease implementation
Xi’an high tech Zone
South of doulu Road, Jinger
East of dongshiba Road, Xi’an hi tech Zone, Weizhong, Xi’an hi tech Zone
Place of implementation: North of West No. 8 Road, north of 26th Road, 22nd floor, unit 1, building 1, Xinshan District, Shenzhen
Floors 10 and 11, unit 1, west of jing26 Road, west of Nanbei No. 2 Road (rent)
Northeast corner of the plot
(Xi’an high tech Zone)
Central Innovation Zone)
The reason for the first change is mainly due to the land planning adjustment of the local government. The original implementation plot is collected and stored by the land reserve center of Xi’an high tech Industrial Development Zone, which makes it impossible for the company to obtain it on schedule. The local government provides the company with a new plot. The location advantage of the new plot is obvious, which is conducive to the talent introduction and long-term development of the company.
The reasons for the second change are mainly as follows: (1) the land planning of the local government is adjusted again, and the above-mentioned new plots cannot be obtained. The local government plans to provide the company with another planned land for the implementation of the raised investment project. The plot is located at the southwest corner of the intersection of planned wei30 road and planned jing40 road in Xi’an high tech Zone. There is only one village road and county road around, so the transportation is inconvenient. At the same time, there are no high-rise buildings around the plot, which brings great difficulties to the project construction planning and is not conducive to the recruitment of personnel required for the implementation of the project; (2) As many countries or regions around the world announced the timetable for banning the sale of fuel vehicles, the global penetration rate of new energy vehicles continued to increase. The company actively arranged new opportunities in the repair, maintenance, charging and discharge of electric vehicles in the automotive aftermarket, and provided products and services related to new energy charging and discharging systems. Therefore, since the above plots cannot meet the construction needs of raised investment projects, the company changed project I in combination with the business development plan in order to grasp the opportunity of reform in the automotive industry and support the rapid implementation of R & D achievements. （2） The implementation progress and overall schedule of each project after the change, whether the fourth project has reached the expected usable state, and the expected time to realize the income
1. Implementation progress and overall schedule of each project after change
As of December 31, 2021, the company’s previously raised funds have been invested in the projects invested by the raised funds
The amount is 219.6701 million yuan, and the over raised funds are used to permanently supplement the working capital of 260 million yuan, which has been used accumulatively
The raised funds were 479.6701 million yuan, accounting for 43.64% of the net funds raised in the previous time, and the overall progress was slow
It is mainly due to the adjustment of government planning and the original implementation of ” Autel Intelligent Technology Corp.Ltd(688208) Xi’an Northwest headquarters base and R & D center construction project”
The construction land is collected and stored by the land reserve center of Xi’an high tech Industrial Development Zone, resulting in the land use of the project has not been implemented yet.
Excluding the proposed raised capital of RMB 481.7276 million for the construction of Xi’an Northwest headquarters base, the previous raised capital
The overall investment progress of the project is 77.68%, and the specific use conditions are as follows:
Unit: 10000 yuan
Before and after the change, as of December 31, 2021
Project Name: the project reaches the total amount of pre numbered investment, the total amount of raised investment to be used, the total amount of raised investment to be used, the cumulative amount of raised funds to be used, and the amount of available capital is calculated as the investment amount Entry progress
