Core Viewpoint - Zejing Electronics, established in 2015, focuses on providing HUD solutions, including CyberLens and CyberVision, with sales typically experiencing seasonal fluctuations, particularly lower sales in the first quarter [2] Financial Performance - Revenue for the periods 2022 to 2024 was reported as 214.1 million, 549.4 million, and 577.6 million RMB respectively, while net losses were 256 million, 175 million, and 138 million RMB, totaling cumulative losses of 569 million RMB over three years [2][3] - Gross profit margins improved from 22.6% in 2022 to 27.3% in 2024, while sales costs decreased from 77.4% to 72.7% over the same period [3] Debt and Financial Health - The company reported net liabilities of 487 million, 644 million, and 897 million RMB for the respective years, with debt-to-asset ratios of 246%, 213.8%, and 215.6% [4] - Trade receivables and notes were recorded at 124 million, 286 million, and 296 million RMB, with turnover days increasing from 102.2 to 140.5 days over the reporting period [4][7] Customer Concentration Risk - Revenue from the top five customers accounted for 93.0%, 93.8%, and 80.9% of total revenue during the reporting periods, with the largest customer contributing 47.6%, 26.1%, and 23.2% respectively [7] - The company highlighted that fluctuations in trade receivables from major customers could significantly impact cash flow, and delays in payments may necessitate impairment provisions [7]
IPO雷达｜资产负债率超200%！泽景电子高度依赖大客户，3年累亏5.69亿元
Sou Hu Cai Jing·2025-05-10 05:23