华之杰上市背后：多家供应商疑似关联方，多项数据不合常理

Core Viewpoint - Suzhou Huazhi Jie Electric Co., Ltd. has successfully transitioned to the main board after failing to list on the Sci-Tech Innovation Board due to insufficient "sci-tech attributes" and has raised concerns regarding the authenticity of its financial data and potential related-party transactions [1][3]. Financial Performance - Revenue for Huazhi Jie from 2022 to 2024 is projected to be 1.019 billion, 937 million, and 1.23 billion respectively, with net profits of 101 million, 121 million, and 154 million [2]. - The sales figures for smart switches and brushless motors in 2023 and 2024 are expected to be 538 million and 735 million, while the top five customers' procurement amounts exceed these sales figures, raising questions about the company's financial reporting [3]. Production and Labor Discrepancies - In the first half of 2022, Huazhi Jie produced 4.9153 million smart controllers with 367,000 actual working hours, but in the second half, production dropped to 4.5264 million while working hours increased to 481,000, indicating a 31.06% rise in labor hours despite a 7.91% drop in production [3][4]. - The number of production staff increased from 786 in 2021 to 1,146 in 2024, yet the production capacity for core products did not increase and slightly decreased [5]. Supplier Relationships - Several suppliers of Huazhi Jie are suspected of having hidden relationships with the company, as evidenced by shared addresses and significant procurement amounts that do not align with their reported capacities [6][7]. - The largest external supplier, which has been a key partner since its establishment, has a registered address identical to that of Huazhi Jie’s subsidiary, raising concerns about potential conflicts of interest and undisclosed transactions [6][7]. - Previous inquiries regarding potential benefits or arrangements between Huazhi Jie and suppliers linked to its former director's family have been noted, with specific instances of non-payment for rent and other fees [8][9].