In-Depth Analysis Report on the A-Share Private Placement of Suzhou Good-Ark Electronics Co., Ltd. (002079.SZ)

Suzhou Good-Ark received a letter of approval from the SZSE on January 14, 2026, confirming that the company’s 2024 issuance of A-shares to specific investors meets the issuance, listing, and information disclosure requirements. However, the implementation is still subject to the registration approval from the China Securities Regulatory Commission (CSRC)[0].

Item	Details
Review Status	Approved by SZSE, pending CSRC registration
Total Fundraising Amount	No more than RMB 886.8 million (inclusive)
Issuance Targets	No more than 35 specific investors
Issuance Price	80% of the average trading price of the company’s shares in the 20 trading days prior to the pricing benchmark date
Maximum Number of Shares to be Issued	No more than 30% of the total share capital, approximately 243,099,000 shares
Lock-up Period	6 months from the date of completion of the issuance

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After deducting issuance fees, the funds raised in this private placement will be mainly used for the following projects[1]:

No.	Project Name	Planned Fundraising Allocation	Percentage
1	500-ton Annual Solar Electronic Paste Project of Suzhou Jinyin New Materials Technology Co., Ltd.	RMB 341 million	38.4%
2	Small Signal Product Packaging and Testing Project	Approximately RMB 177 million	Approximately 20%
3	Good-Ark (Suzhou) Innovation Research Institute Project	Approximately RMB 177 million	Approximately 20%
4	Supplementary Working Capital	Approximately RMB 191.8 million	Approximately 21.6%
Total		RMB 886.8 million	100%

• Targeting the photovoltaic industry, benefiting from new energy policy support and the advancement of the “Dual Carbon” goals (peak carbon dioxide emissions and carbon neutrality)
• Expected internal rate of return (IRR): approximately 10-13%
• Key Risks: Fluctuations in raw material costs, cyclical changes in demand in the photovoltaic industry

• Expanding production capacity of mature product lines to enhance packaging and testing capabilities
• Strengthening the company’s competitive edge in the semiconductor discrete devices sector
• Key Risks: Intensified market competition, pressure to absorb new production capacity

• Enhancing the company’s R&D capabilities and laying out cutting-edge semiconductor technologies
• Strengthening the technology innovation-driven development strategy
• Key Risks: Long R&D cycle, high technological uncertainty

• Optimizing the company’s capital structure to support daily operations
• Reducing financial leverage and enhancing risk resistance capabilities

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Indicator	Value
Current Total Share Capital (Estimated)	Approximately 810 million shares
Maximum Shares to be Issued	Approximately 243 million shares
Total Share Capital After Issuance (Upper Limit)	Approximately 1.053 billion shares
Share Capital Dilution Ratio (Upper Limit)	23.1%

Based on the company’s current financial data[0][2], the following is expected after the completion of the private placement:

Financial Indicator	Before Private Placement	After Private Placement (Forecast)	Change
Asset-Liability Ratio	Approximately 20.5%	Approximately 14.3%	Decrease of 6.2 percentage points
Current Ratio	3.54	Approximately 5.2	Significant improvement
Net Assets	Approximately RMB 4.5 billion	Approximately RMB 5.38 billion	Increase of RMB 880 million

• Expanded Net Asset Scale
  : After the fundraising is in place, the company’s net assets will increase by approximately RMB 887 million, significantly enhancing its capital strength
• Reduced Asset-Liability Ratio
  : The asset-liability ratio is expected to drop from 20.5% to around 14%, reducing financial leverage risks
• Improved Solvency
  : The improved current ratio enhances the company’s short-term solvency
• Optimized Financing Channels
  : Reducing reliance on debt financing through equity financing to optimize the capital structure
• Potential Credit Rating Upgrade
  : The improved financial condition is expected to lead to better bank credit terms

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This private placement adopts a

mechanism:

• Pricing Benchmark Date
  : The first day of the issuance period
• Floor Issuance Price
  : 80% of the average trading price of the company’s shares in the 20 trading days prior to the pricing benchmark date
• Final Issuance Price
  : Determined through consultation with the sponsor based on market bidding results

Factor	Assessment
Current Share Price	Approximately RMB 9.86 (closing price on January 14, 2026)[0]
Theoretical Floor Price	Approximately RMB 7.89 (calculated as 80% of the current share price)
Expected Issuance Price Range	Approximately RMB 7.89 - 9.86 (subject to bidding results)
P/E Valuation	83.11x (TTM), at a relatively high level[0]
P/B Valuation	2.58x, within a reasonable range for the industry[0]

• The floor price mechanism of 80% of the 20-day average trading price protects the interests of existing shareholders
• The competitive bidding mechanism helps discover the fair market price
• The company’s current valuation is at a relatively high level, which is favorable to existing shareholders
• However, the 83x P/E reflects high market expectations for the company’s future growth, which needs to be continuously verified after the private placement

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1. Industrial Chain Extension
   : Extending into the photovoltaic new materials sector through the solar electronic paste project to expand business boundaries
2. Production Capacity Expansion
   : Enhancing the company’s packaging and testing capabilities through the small signal product packaging and testing project to consolidate market position
3. Technological Innovation
   : Strengthening R&D investment through the innovation research institute project to maintain technological leadership
4. Financial Stability
   : Optimizing the capital structure through supplementary working capital to enhance risk resistance capabilities

• Revenue Growth
  : The funded projects are expected to contribute annual new revenue after reaching production
• Gross Profit Margin
  : The solar electronic paste project is expected to have a relatively high gross profit margin, which is expected to improve the overall gross profit margin
• R&D Capability
  : Enhancing the company’s technological barriers to improve core competitiveness

1. Funded Project Risks
   : Uncertainties exist in project construction progress, production capacity absorption, and realization of expected returns
2. Industry Cycle Risks
   : Cyclical fluctuations in the photovoltaic industry may affect the returns of the solar electronic paste project
3. Technological Iteration Risks
   : Rapid iteration of semiconductor technologies may affect the effectiveness of R&D projects
4. Share Dilution Risk
   : The 23% share capital dilution will have a certain dilutive effect on earnings per share (EPS)

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Based on the technical analysis results[0][3]:

Indicator	Value/Status
Current Price	RMB 9.86
20-Day Moving Average	RMB 9.61 (Support Level)
Resistance Level	RMB 9.96
Trend Judgment	Sideways consolidation, no clear direction
MACD	In the bullish zone, no death cross signal for the time being
KDJ	K: 74.6, D: 79.6, J: 64.5, slightly overbought
RSI	Within the normal range

• The share price is consolidating in the range of RMB 9.61 - 9.96
• The news of the private placement approval provides certain short-term support for the share price
• It is necessary to pay attention to the subsequent CSRC registration progress and issuance timing

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Dimension	Evaluation
Capital Structure	Positive - Reduced asset-liability ratio, enhanced capital strength
Fundraising Usage	Neutral-Positive - Invested in new energy and semiconductor packaging, in line with industry development trends
Pricing Strategy	Neutral - Reasonable competitive bidding pricing mechanism, relatively high valuation
Future Development Impact	Neutral-Positive - Conducive to enhancing technological strength and market share
Short-term Share Price Impact	Neutral-Positive - Expectations of the private placement have been partially reflected in the share price

Investors need to pay attention to the progress of CSRC registration approval, the implementation progress of funded projects, and the impact of changes in the prosperity of the semiconductor and photovoltaic industries on the company’s fundamentals.

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[0] Jinling API Data - Company Profile, Financial Analysis, Technical Analysis and Market Data of Suzhou Good-Ark (002079.SZ)

[1] Issuance Sponsor’s Report by GF Securities Co., Ltd. on the 2024 Issuance of A-Shares to Specific Investors by Suzhou Good-Ark Electronics Co., Ltd. (http://xinpi.zqrb.cn/pdf/CYB/301278/2025/0417/65590ebce3b17b05e239c7c0c3e320ea.pdf)

[2] StockStar - Information Related to the Private Placement Prospectus of Suzhou Good-Ark (https://stock.stockstar.com/notice/SN2026011200026725.shtml)

[3] Jinling API Data - Share Price Data and Technical Analysis Indicators of Suzhou Good-Ark (002079.SZ)