China Leadshine Technology (SZ:002979) Sou Hu Cai Jing·2025-06-06 08:40Core Viewpoint - The listing process of Sanxie Electric has been marred by concerns over related party transactions and the fairness of these transactions, raising doubts about the company's true intentions for going public [1][5]. Group 1: Company Background - Sanxie Electric, established in November 2002, specializes in the research, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors [3]. - The company underwent a shareholding reform in September 2018 and was listed on the National Equities Exchange and Quotations in February 2022, later moving to the innovation layer in May 2023 [1]. Group 2: Financial Performance - From 2022 to 2024, Sanxie Electric reported revenues of 287.15 million yuan, 361.96 million yuan, and 420.06 million yuan, respectively, with net profits of 27.04 million yuan, 48.71 million yuan, and 56.37 million yuan [3]. - The company's gross profit margins improved significantly during this period, with rates of 22.31%, 28.47%, and 28.00%, indicating a 6.16 percentage point increase from 2022 to 2023 [3]. Group 3: Customer Relationships - The top five customers of Sanxie Electric have remained consistent, with Leisai Intelligent being the largest customer, contributing significantly to the company's revenue [3]. - Sales to Leisai Intelligent increased from 12.86 million yuan in 2021 to 66.54 million yuan in 2024, with the proportion of total revenue from this customer rising each year [4]. Group 4: Related Party Transactions - In 2022, Leisai Intelligent acquired an 8.98% stake in Sanxie Electric through its subsidiary, raising questions about the legitimacy of the transactions between the two companies [4]. - Sanxie Electric's sales prices to Leisai Intelligent saw significant increases, with stepper motor prices rising by 13.73% and brushless motor prices increasing by 133.51% in 2022 [4]. Group 5: Complex Supplier Relationships - Sanxie Electric's relationship with Hanpus, another major customer and supplier, has raised concerns due to significant fluctuations in procurement amounts, with purchases increasing nearly 600 times from 2022 to 2023 [7]. - The transactions between Sanxie Electric and Hanpus create a closed-loop system, leading to questions about the necessity of acting as an intermediary for sales to other clients [8][9]. Group 6: Management and Ownership - The company is primarily controlled by the couple Sheng Yi and Zhu Shouqing, who together hold 82.46% of the shares, with Sheng directly owning 62.97% [14]. - In 2023, Sanxie Electric distributed cash dividends totaling 15.01 million yuan, with a significant portion going to the controlling couple, raising suspicions about the motivations behind the company's public listing [14].