IPO前送豪礼，空降总经理获3.6亿“入职礼包”

Core Viewpoint - The article discusses the IPO of Xinqiang Electronics, highlighting significant cash dividends and stock incentives given to management, raising concerns about potential risks related to related-party transactions and the company's operational independence [1][3][9]. Group 1: IPO and Financial Maneuvers - Xinqiang Electronics has received approval for its IPO, with the Yu family holding over 95% of the shares [1][3]. - Prior to the IPO, the company distributed a cash dividend of 181 million yuan, which is over 80% of its net profit for the past two years [1][6]. - The newly appointed general manager received stock incentives valued at approximately 420 million yuan, raising questions about the justification of such high compensation [1][7]. Group 2: Related-Party Transactions - The company has complex related-party transactions, with significant sales to joint ventures, which may pose risks to its operational independence [9][12]. - From 2022 to 2024, Xinqiang Electronics reported related sales to joint ventures totaling 61.65 million yuan, 56.86 million yuan, and 125 million yuan, representing 20.35%, 5.69%, and 12.5% of total sales respectively [9][12]. - The reliance on joint ventures for sales raises concerns about profit margins, as the joint ventures reportedly achieve higher gross margins compared to Xinqiang Electronics [9][10]. Group 3: Business Model and Growth Concerns - The company's business model heavily depends on joint ventures, which may limit its growth potential and lead to a cycle of underperformance [12][14]. - Xinqiang Electronics has faced stagnant revenue growth, with a projected decline of 0.13% in 2024, contrasting with the double-digit growth of its peers [14]. - The concentration of sales in the storage sector and reliance on Taiwanese customers pose additional risks to the company's revenue stability [13][14].