大行科工再递表港股：分红6000万，没钱扩产能和缴社保？

Core Viewpoint - The company, Daxing Technology, is making a second attempt to go public in Hong Kong, having submitted its IPO application again after a previous attempt earlier this year. The company plans to issue no more than 9.1 million overseas ordinary shares [2]. Financial Performance - Daxing Technology's revenue and net profit for the years 2022 to 2024 and the first four months of 2025 are reported as follows: - Revenue: 254 million, 300 million, 451 million, and 185 million respectively - Net Profit: approximately 31.43 million, 34.85 million, 52.29 million, and 21.52 million respectively [4][5]. - The company has experienced rapid growth, with both revenue and net profit growth rates exceeding 50% in 2024. Daxing Technology holds a 26.3% market share by retail volume and a 36.5% market share by retail value in the folding bicycle industry in mainland China [5]. Production Capacity and Challenges - Daxing Technology has faced significant challenges regarding its production capacity, with its factory in Huizhou, Guangdong, operating at over 100% capacity utilization, reaching 114.1% in the first four months of 2025 [6][9]. - The company relies heavily on third-party OEM suppliers, with the number of bicycles produced by OEMs increasing from 29.5% in 2022 to 65.5% in the first four months of 2025. This reliance has led to rising production costs, with outsourced production costs accounting for nearly half of the sales costs in 2024 [8]. Dividend Distribution and Financial Obligations - Daxing Technology has made substantial dividend payments, totaling over 60 million, with most of the dividends benefiting the major shareholder, Han Dewei, who holds approximately 90.16% of the company's shares [10][13]. - Despite these dividends, the company has accumulated unpaid social insurance contributions amounting to 6.4 million since 2022, raising concerns about its financial management and obligations to employees [14].