奥联服务资产结构失衡：过半为贸易应收款项，成长性亮红灯｜IPO观察

Core Viewpoint - Aolian Service Group Co., Ltd. has submitted a prospectus for an IPO in Hong Kong, but faces challenges due to a significant increase in trade receivables, which now constitute over half of its assets, negatively impacting its profitability quality [2][10][13]. Financial Performance - Aolian Service reported revenues of 342.42 million RMB, 430.74 million RMB, and 475.45 million RMB for the years 2022, 2023, and 2024, respectively, with net profits of 27.41 million RMB, 34.24 million RMB, and 44.63 million RMB, indicating continuous growth [2][3]. - The company’s trade receivables increased from 80.96 million RMB in 2022 to 182.70 million RMB in 2024, with a compound annual growth rate of 50.22%, significantly outpacing revenue growth of 17.84% during the same period [10][12]. Business Segments - Aolian Service's primary revenue sources are business and urban space services, which generated sales of 24.71 million RMB, 30.18 million RMB, and 30.73 million RMB, accounting for 72.2%, 70.1%, and 64.6% of total revenue, respectively [3][4]. - Community living services, while generating lower revenue, have higher profitability, with gross profits of 28.65 million RMB, 38.79 million RMB, and 51.47 million RMB compared to business and urban space services [5][6]. Customer Retention and Project Acquisition - The renewal rate for community living services has been declining, dropping from 91.1% in 2022 to 73.3% in 2024, indicating potential challenges in maintaining customer loyalty [6]. - The number of new projects acquired in business and urban space services decreased from 92 in 2022 to 56 in both 2023 and 2024, suggesting a weakening ability to secure new contracts [4][5]. Supplier Relationships - Aolian Service's largest shareholder is Hongtu Group, which holds 79.2% of the company, and the largest supplier has shifted to Aolian Development Group, which was not among the top five suppliers in 2022 [7][8]. Cash Flow and Profitability - The net cash flow from operating activities has been consistently low, with values of 2.99 million RMB, -9.74 million RMB, and 14.73 million RMB for the years 2022, 2023, and 2024, respectively, indicating that cash generation from operations has not kept pace with net profits [13].