中裕铁信IPO：毛利率逆势大涨，控制权高度集中下的上市疑云

Core Viewpoint - The article discusses the challenges faced by Zhongyu Tiexin Transportation Technology Co., Ltd. in its pursuit of an IPO, highlighting concerns over its financial performance, governance structure, and the implications of its business model [1][3]. Group 1: IPO Journey - Zhongyu Tiexin's IPO journey has been tumultuous, initially applying for the ChiNext board in March 2023 with a fundraising plan of 550 million yuan, but failing to succeed [4]. - The company switched its sponsorship to Dongfang Securities in December 2023 and attempted to list on the Beijing Stock Exchange in early 2024, only to revert back to the ChiNext board by June 2025 [3][4]. Group 2: Business Fundamentals - Established in 1996, Zhongyu Tiexin specializes in transportation infrastructure products, with bridge bearings accounting for 57.04% of its 2024 revenue, making it highly dependent on national infrastructure investment [6]. - The company has a concentrated ownership structure, with the actual controller holding 85.99% of shares, raising concerns about minority shareholder interests [7][10]. Group 3: Financial Performance - In 2024, Zhongyu Tiexin reported a 26.56% decline in revenue to 700 million yuan, while net profit slightly decreased by 1.58% to approximately 98.71 million yuan [11][14]. - Despite the revenue drop, the company's gross margin increased to 37.66%, significantly higher than the industry average of 28.23% [11][12]. - The company's cash flow from operating activities surged by 1237.95% to 202 million yuan, contrasting sharply with the revenue decline [13]. Group 4: Operational Risks - The company faces high customer concentration, with the top five customers accounting for 62.54% of sales, exposing it to risks from fluctuations in demand [15]. - Accounts receivable constituted 40.70% of total assets by the end of 2024, indicating deteriorating collection capabilities [16]. Group 5: Governance and Related Party Transactions - Zhongyu Tiexin's complex network of related party transactions raises concerns, particularly following a 200 million yuan dividend payout in 2020, which was questioned due to the company's subsequent need for funds [19][21]. - The company has faced governance issues, including a lack of transparency in related party transactions and a history of internal control failures [19][21].