巴兰仕闯关北交所：外销贴牌贡献超七成营收

Core Viewpoint - Shanghai Balanshi Automotive Testing Equipment Co., Ltd. is currently in the inquiry stage of its IPO review, focusing on automotive repair and testing equipment, with a significant reliance on OEM sales for its revenue [1][2] Group 1: Company Overview - Balanshi specializes in the research and production of automotive maintenance, testing, and repair equipment, including tire changers, balancers, lifts, and refrigerant recovery machines [1] - The company submitted its IPO application to the Beijing Stock Exchange in September 2024, aiming to raise 300 million yuan for smart transformation and expansion projects [1] Group 2: Sales and Revenue Structure - The company’s overseas sales are primarily based on OEM, with OEM sales accounting for 89.05% and 90.14% of overseas sales revenue in 2020 and 2021, respectively [1] - From 2021 to the first half of 2024, overseas sales contributed 74.42% to 75.91% of the main business revenue, with OEM sales making up over 90% of overseas sales [1] - In the first half of 2024, Balanshi's overseas revenue was 379 million yuan, with approximately 341 million yuan coming from OEM sales, indicating that OEM contributions exceeded 70% of total revenue [1] Group 3: Risks and Challenges - The company faces significant risks due to its heavy reliance on the OEM model, which limits brand premium and bargaining power [2] - Potential risks include changes in foreign sales policies, supply chain stability issues, and delays in brand development [2] - The current geopolitical fluctuations and intensified industry competition create uncertainty regarding the company's ability to break through brand limitations and optimize market structure [2]