友升股份IPO：夫妻持股超7成、拟融资近25亿、多家机构入股

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. (Yousheng) is preparing for its IPO on the Shanghai Stock Exchange, focusing on the production of aluminum alloy automotive parts, particularly in the new energy vehicle sector, with significant clients including Tesla and NIO [1][20]. Group 1: Company Overview - Yousheng is a comprehensive manufacturer involved in the design, development, production, sales, and service of aluminum alloy automotive components, with a product range that includes threshold beams, battery trays, bumpers, and subframes [1]. - The company is controlled by Ro Shibing and his spouse Jin Liyan, who together hold over 70% of the shares, raising concerns about potential risks related to their control [6][3]. Group 2: Financial Performance - Yousheng's revenue has shown significant growth, with reported figures of CNY 2.35 billion, CNY 2.905 billion, and CNY 3.95 billion for the years 2022 to 2024, reflecting year-on-year increases of 55.51%, 23.6%, and 35.98% respectively [20]. - The net profit for the same period was CNY 233 million, CNY 321 million, and CNY 405 million, with growth rates of 80.48%, 37.84%, and 26.13% respectively [20]. Group 3: Capital Raising and Use of Proceeds - Yousheng plans to raise approximately CNY 2.47 billion through its IPO, with funds allocated for projects including a lightweight aluminum alloy component production base and battery tray manufacturing [13][14]. - The company aims to utilize CNY 500 million for working capital, raising questions about its liquidity given its recent dividend payout of CNY 60 million while facing significant short-term liabilities [19][13]. Group 4: Accounts Receivable and Inventory Concerns - Accounts receivable have increased significantly, with balances of CNY 662 million, CNY 895 million, and CNY 1.283 billion over the past three years, indicating potential liquidity issues [21]. - Inventory levels have also risen, with figures of CNY 239 million, CNY 270 million, and CNY 502 million, raising concerns about the adequacy of inventory impairment provisions [24][27]. Group 5: Investment and Shareholder Dynamics - Following the completion of its restructuring in 2020, Yousheng attracted multiple institutional investors, with significant capital injections and the existence of performance agreements [8][10]. - The company has seen a dramatic increase in share prices for institutional investors, with prices rising over fourfold within two years, suggesting strong market interest [9][10].