奥立思特拟北交所上市：一季度净利润下降超三成，一主要产品产能利用率跌至58%

Core Viewpoint - Changzhou Aolisi Electric Co., Ltd. (Aolisi) is preparing for an IPO on the Beijing Stock Exchange, but its financial performance shows significant volatility and concerns regarding its core products and profitability [1][2]. Financial Performance - Aolisi's revenue and net profit from 2022 to 2024 were 623 million yuan, 539 million yuan, and 667 million yuan, with net profits of approximately 89.33 million yuan, 52.70 million yuan, and 75.74 million yuan respectively. In 2023, the company experienced a revenue decline of 13.51% and a net profit drop of 41.01% [2][3]. - In the first quarter of 2025, the net profit decreased by 31.5% year-on-year [1]. Product Pricing and Revenue - The average selling price of Aolisi's micro-special motors has decreased significantly, with prices dropping from 124.66 yuan/unit in 2022 to 102.01 yuan/unit in 2024, reflecting a year-on-year decline of 17.12% and 1.27% respectively [4][6]. - The revenue from micro-special motors and components accounted for 72.97%, 69.03%, and 78.88% of total revenue during the reporting period [5][6]. Production Capacity and Utilization - Aolisi's production capacity for micro-special motors increased from 426,000 units in 2022 to 549,000 units in 2024, but the utilization rate for paper shredders dropped from 97.56% in 2022 to 58.04% in 2024 [7][9]. - The company faced a decline in sales volume for paper shredders, contributing to a revenue drop from 145 million yuan in 2022 to 118 million yuan in 2024 [6][9]. Shareholder Dynamics and Dividends - Prior to the IPO, Aolisi distributed over 80 million yuan in dividends, exceeding its net profit of 75.74 million yuan for the year [10][13]. - The controlling shareholder, Li Jiangpeng, and his daughter hold 41.85% of the shares, while other shareholders collectively hold 43.44%, raising questions about control stability [10][13].