联讯仪器IPO背后：2024年净利刚扭亏 股权代持“惹眼”

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is seeking to go public on the Sci-Tech Innovation Board, with significant growth in revenue and profit expected in 2024, despite rising debt levels and past issues with shareholding arrangements [1][3][4]. Financial Performance - In 2024, the company achieved approximately 789 million yuan in revenue, a year-on-year increase of 185.87%, and a net profit of about 140 million yuan, marking a turnaround from previous losses [3][4]. - The company reported revenues of approximately 214 million yuan and 276 million yuan in 2022 and 2023, respectively, with net losses of 38.07 million yuan and 55.39 million yuan [3]. - In Q1 2025, the company continued its profitability with revenues of about 201 million yuan and a net profit of approximately 19.33 million yuan [3]. Fundraising Plans - The company plans to raise approximately 1.954 billion yuan, with 150 million yuan allocated for working capital and the remainder for various R&D projects and infrastructure [4]. - As of Q1 2025, the company had cash reserves of about 254 million yuan, indicating a strong liquidity position despite the fundraising efforts [4]. Debt Levels - The company's debt-to-asset ratio has been increasing, reaching approximately 51.03% by the end of the reporting period, significantly higher than the industry average [5]. - The debt-to-asset ratios for previous years were 26.71%, 41.08%, and 47.66%, compared to industry averages of 12.89%, 13.15%, and 16.01% [5]. Accounts Receivable - The company's accounts receivable balances have increased, with amounts of approximately 89.63 million yuan, 136 million yuan, 255 million yuan, and 305 million yuan over the reporting periods, representing 41.81%, 49.16%, 32.28%, and 37.95% of revenue, respectively [6]. - The company maintains a high quality of accounts receivable, with over 90% of receivables being less than one year old [6]. R&D Investment - R&D expenses for the company were approximately 53.57 million yuan, 105 million yuan, 191 million yuan, and 56.81 million yuan over the reporting periods, accounting for 24.99%, 37.97%, 24.27%, and 28.25% of revenue, respectively [7]. - The company has a stable core technology team with 385 R&D personnel as of March 2025 [7]. Shareholding Structure - The chairman, Hu Haiyang, previously used a friend for shareholding representation during the company's establishment, but the shareholding structure is now clear and compliant with governance requirements [8][10]. - As of the signing of the prospectus, Hu directly holds 20.55% of the shares and controls a total of 54.79% of the company through various platforms [8][9].