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特斯拉、宁德时代“伙伴”友升股份过会,IPO前先分红6000万,陷13亿应收账款泥潭

Core Viewpoint - YouSheng Co., Ltd. successfully passed its IPO review after two attempts, aiming to raise 2.471 billion yuan for expansion and operational needs, despite facing financial challenges such as negative cash flow and increasing accounts receivable [2][3][4]. Group 1: IPO and Fundraising - YouSheng Co., Ltd. plans to raise 2.471 billion yuan through its IPO, significantly increasing its fundraising target from 633 million yuan in its previous attempt [4][7]. - The company aims to allocate 1.271 billion yuan for the construction of a production base in Yunnan, 700 million yuan for battery tray and chassis manufacturing expansion, and 500 million yuan for working capital [8][14]. Group 2: Financial Performance - The company reported revenues of 2.35 billion yuan, 2.905 billion yuan, and 3.95 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan [8][15]. - In Q1 2025, YouSheng achieved a revenue of 946 million yuan and a net profit of approximately 88.5 million yuan, showing growth compared to the previous year [8]. Group 3: Cash Flow and Accounts Receivable - YouSheng's operating cash flow turned negative, with net cash flow from operating activities reported as 49.12 million yuan, 38.02 million yuan, and -253 million yuan for 2022, 2023, and 2024, respectively [9][10]. - Accounts receivable nearly doubled, increasing from 698 million yuan to 1.353 billion yuan, with the proportion of accounts receivable to revenue rising from 29.71% to 34.25% [10][12]. Group 4: Customer Concentration and Revenue Sources - Major clients include Tesla, GAC Group, and NIO, with Tesla contributing over 24.23% of total sales [9][11]. - The top five customers accounted for over 51% of total revenue during the reporting period, indicating high customer concentration [11]. Group 5: Financial Ratios and Trends - The company's asset-liability ratio increased from 41.30% in 2022 to 62.62% in 2024, indicating rising financial leverage [15]. - The gross profit margin showed an unusual trend, increasing from 20.55% in 2022 to 21.04% in 2023, while competitors experienced declining margins [16].