天工股份IPO：关联交易扑朔迷离，业绩增长前途未卜

Core Viewpoint - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co.) has initiated its IPO on the Beijing Stock Exchange, raising concerns over its volatile performance, high customer concentration, and regulatory issues [1][3]. Group 1: Company Performance - Tiangong Co. reported a significant revenue increase of 170.05% in 2023, achieving 1.035 billion yuan, while net profit rose by 142.57% to 170 million yuan [3]. - However, in 2024, the company experienced a revenue decline of 22.59%, totaling 801 million yuan, with net profit slightly increasing by 1.57% to 172 million yuan [3][4]. - For Q1 2025, Tiangong Co. achieved an unaudited revenue of 192.31 million yuan, reflecting a minor increase of 4.35% year-on-year [4]. Group 2: Market Environment - The titanium and titanium alloy materials industry in China faces structural overcapacity, with high-end products in short supply and intense competition in the mid-to-low-end market [4]. - Tiangong Co.'s revenue and profit are heavily reliant on the consumer electronics sector, particularly influenced by the market acceptance of downstream products like smartphones and wearables [4]. Group 3: Customer Dependency - Tiangong Co. has a high dependency on its largest customer, Changzhou Soloman, which accounted for 27.88% of revenue in 2022, increasing to 83.45% in 2023, and 71.72% in 2024 [6][8][9]. - The company's accounts receivable from Changzhou Soloman represented 81.11%, 97.63%, and 76.27% of total accounts receivable at the end of 2022, 2023, and 2024, respectively [9]. Group 4: Research and Development - Tiangong Co.'s R&D expense ratio was 4.49%, 3.68%, and 4.29% from 2022 to 2024, which is significantly lower than the industry average of 6.02% [5]. Group 5: Governance and Regulatory Issues - The actual controllers of Tiangong Co. are the Zhu family, holding 78.05% of the shares, which raises concerns about governance and potential conflicts of interest [14]. - The company has faced regulatory scrutiny due to past issues with shareholding arrangements and has received warnings from regulatory bodies [15].