钵施然IPO背后的三大疑点

Core Viewpoint - The company Xinjiang Bosiran Intelligent Agricultural Machinery Co., Ltd. (referred to as "Bosiran") has faced significant delays in its IPO process, with both revenue and net profit declining in 2023, despite the addition of a major overseas client contributing over 60% of its revenue in the first three quarters of 2024 [1][5][6]. Financial Performance - In 2023, Bosiran's revenue and net profit both decreased, with reported figures of approximately 9.89 billion yuan in revenue and 1.84 billion yuan in net profit, down from 11.38 billion yuan and 2.38 billion yuan in 2022, respectively [5]. - The company's revenue for the years 2021 to 2024 (first three quarters) was approximately 7.27 billion yuan, 11.38 billion yuan, 9.89 billion yuan, and 8.27 billion yuan, while net profits were approximately 1.38 billion yuan, 2.38 billion yuan, 1.84 billion yuan, and 1.81 billion yuan [5]. Client Base and Market Expansion - In the first three quarters of 2024, Bosiran secured a new major overseas client, Tashkent Traktor Zavodi, which accounted for over 61% of its sales, generating approximately 5.08 billion yuan in revenue from the sale of 300 cotton harvesting machine components [6][7]. - Prior to this, the company had a relatively low customer concentration, with the top five clients accounting for approximately 14.3%, 14.02%, and 15.94% of total sales from 2021 to 2023 [8]. Funding and Financial Strategy - Bosiran plans to raise approximately 11.86 billion yuan through its IPO, with 2.6 billion yuan earmarked for working capital, while the remainder will be invested in high-end agricultural machinery R&D, production base construction, and service center development [9]. - Despite the planned fundraising, the company has maintained a healthy cash position, with cash reserves of approximately 2.1 billion yuan, 3.09 billion yuan, 2.22 billion yuan, and 4.03 billion yuan at the end of 2021, 2022, 2023, and the first three quarters of 2024, respectively [9][10].