乔路铭冲刺北交所上市前 曾因关联交易“吃”警示函

Core Viewpoint - Qiaoluming Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, but faces regulatory scrutiny due to past compliance issues related to related-party transactions [1][5][7] Company Background - Qiaoluming is primarily engaged in the research, production, and sales of automotive interior and exterior parts, with major products including automotive interior components, exterior components, and supporting molds [1][3] - The company is controlled by Huang Shengquan, who has a significant background in the automotive parts industry through his family's involvement in Mingbo Co., Ltd. [2][3] Financial Performance - Qiaoluming has shown strong growth, with revenues projected to increase from 1.561 billion yuan in 2022 to 3.375 billion yuan in 2024, and net profits expected to rise from 154 million yuan to 417 million yuan over the same period [3][6] - The company reported a high asset-liability ratio of 72.46%, 67.60%, and 61.30% for the years 2022 to 2024, significantly above the industry average [6][7] Regulatory Issues - The Zhejiang Securities Regulatory Bureau issued a warning letter to Qiaoluming for failing to timely disclose related-party transactions totaling 100.334 million yuan and 247 million yuan [5][6] - Qiaoluming has faced previous regulatory scrutiny regarding abnormal funding practices, including loans and fund transfers involving related parties [5][6] Market Position - Qiaoluming's main clients include major automotive manufacturers such as BYD and Geely, with BYD accounting for 47.69% and 54.89% of Qiaoluming's revenue in 2023 and 2024, respectively [3][6] - Despite claims of independence from Mingbo Co., Ltd., there are concerns about overlapping customer bases and potential dependencies [2][3]