Core Viewpoint - Zhejiang Xinxing Technology Co., Ltd. (hereinafter referred to as Xinxing Technology) is pursuing an IPO on the Beijing Stock Exchange, with a focus on its growth in revenue and net profit from 2022 to 2024, despite challenges from foreign exchange shortages affecting major clients in Pakistan and India [1][2]. Financial Performance - Revenue for Xinxing Technology over the reporting period is projected to be 600 million yuan, 704 million yuan, and 1.03 billion yuan for the years 2022, 2023, and 2024 respectively [2]. - Net profit attributable to the parent company is expected to be approximately 52.6 million yuan, 58.9 million yuan, and 120 million yuan for the same years [2]. - The company has maintained a gross profit margin of around 20% to 23% during the reporting period [3]. Client Base and Market Challenges - Major clients include M.RAMZAN and its affiliates in Pakistan, and LIBERTY and ALLIANCE in India, contributing 34.31% of revenue in 2024 [5]. - The company faced a significant drop in orders from M.RAMZAN due to foreign exchange shortages in Pakistan from Q3 2022 to Q2 2023, although the situation has improved since then [6]. IPO Fund Utilization - Xinxing Technology plans to raise 489 million yuan through the IPO, with 90 million yuan allocated for working capital [7][9]. - The total investment for the annual production of 11,000 embroidery machine frames is approximately 249.52 million yuan [8]. Dividend Distribution - The company has distributed dividends totaling 73.5 million yuan from 2022 to 2024, primarily benefiting the actual controllers of the company [9][10]. - The actual controllers, Wang Haijiang and Yao Xiaoyan, hold a combined 99.05% voting rights in the company, raising concerns about potential risks related to their control [10].
电脑刺绣机生产商信胜科技闯关北交所：大客户曾“断崖式”砍单 分红逾7000万元后又拟9000万元补流
Mei Ri Jing Ji Xin Wen·2025-07-10 11:10