Workflow
尚研科技北交所IPO:海尔“依赖症”下业绩存隐忧
Xi Niu Cai Jing·2025-06-18 07:25

Group 1 - The core point of the article is that Guangdong Shangyan Electronics Technology Co., Ltd. has officially submitted its IPO application to the Beijing Stock Exchange, aiming to raise 401 million yuan for various projects and working capital [2][3] - The company reported revenues of 521 million yuan, 616 million yuan, and 588 million yuan for the years 2022 to 2024, with net profits of 29 million yuan, 45 million yuan, and 44 million yuan respectively [3][4] - In 2024, the company's revenue and net profit saw a year-on-year decline of 4.54% and 1.28% respectively [3][4] Group 2 - Shangyan Technology's performance fluctuations are primarily attributed to an increasing risk of over-reliance on its largest customer, Haier Group [4] - Sales to the top five customers accounted for 82.38%, 89.10%, and 89.02% of total revenue during the reporting period, with sales to Haier Group decreasing from 451 million yuan in 2023 to 392 million yuan in 2024 [4] - Despite new revenue from TCL Group in the HVAC and refrigeration sector, the company could not offset the revenue loss from Haier Group [4] Group 3 - The company's accounts receivable and notes receivable from Haier Group have increased, with accounts receivable balance rising to 920 million yuan in 2024, and the proportion from Haier Group increasing from 66.47% in 2023 to 71.99% in 2024 [4] - The net cash flow from operating activities dropped significantly from 123 million yuan in 2023 to 33 million yuan in 2024, while cash and cash equivalents decreased by over 50% to 119 million yuan [4] - Industry analysts suggest that Haier Group may further reduce its reliance on external suppliers as it upgrades its self-research system and improves profitability [5]