巴兰仕IPO上会前夕：七成营收依赖海外 应收账款激增96%

Core Viewpoint - Shanghai Balanshi Automotive Testing Equipment Co., Ltd. is set to go public on the Beijing Stock Exchange, with a focus on automotive repair, testing, and maintenance equipment, showing significant revenue and profit growth in 2024 [2][4] Financial Performance - Balanshi reported a revenue of 1.057 billion yuan in 2024, representing a 33% year-on-year increase [3] - The net profit for 2024 reached 129 million yuan, marking a 60% increase compared to the previous year [2][3] - The company's total assets as of December 31, 2024, amounted to approximately 707 million yuan, up from 558 million yuan in 2023 [3] - The gross profit margin improved to 28.55% in 2024 from 27.04% in 2023 [3] Cash Flow and Receivables - Operating cash flow for 2024 decreased by 38.11%, despite revenue growth, indicating potential cash flow management issues [3] - Accounts receivable surged by 96.91% in 2024, raising concerns about liquidity and cash flow [4] Market Presence and Risks - Balanshi operates in nearly 80 countries, with about 75% of its revenue derived from overseas private label business, primarily in sensitive regions like Russia and Belarus [4] - The company faces risks related to global trade policies and potential tax increases on imports, which could adversely affect its performance [4]