芯密科技闯关IPO！公司仅成立逾5年，报告期内业绩大增

Core Viewpoint - Shanghai Ximi Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, focusing on the development and sales of semiconductor-grade perfluoroether rubber materials and seals [1][2]. Company Overview - Ximi Technology was established in January 2020, with its shares incorporated in October 2024. The company is primarily controlled by Xie Changjie, who holds 20.26% of the shares directly and has indirect control over an additional 26.72% through partnerships, totaling 46.98% voting rights [1][2]. Financial Performance - The company has shown significant revenue growth from 2022 to 2024, with revenues of approximately CNY 41.59 million, CNY 130 million, and CNY 208 million, respectively. Corresponding net profits were about CNY 1.73 million, CNY 36.39 million, and CNY 68.94 million [2][3]. Customer Concentration - The top five customers of Ximi Technology accounted for a high percentage of the company's revenue, with sales revenue concentration at 79.18%, 78.82%, and 77.06% over the reporting periods [3]. Accounts Receivable - The accounts receivable balances at the end of each reporting period were CNY 15.48 million, CNY 30.61 million, and CNY 50.63 million, with over 99% of accounts receivable being less than one year old [3]. Fundraising and Investment Plans - Ximi Technology aims to raise approximately CNY 785 million through the IPO, which will be allocated to semiconductor-grade perfluoroether rubber seal research and industrialization projects, as well as the construction of a research center [3]. Acquisition for Expansion - To support its fundraising projects, Ximi Technology acquired 100% of Shanghai Lintu's shares, which includes industrial land and buildings valued at CNY 170.50 million [3].