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 application of Xinqiang Electronics, highlighting concerns over its financial practices, including significant cash dividends and stock incentives, as well as complex related-party transactions that may pose risks to investors [1][2][3]. Financial Practices - Xinqiang Electronics distributed a cash dividend of 181 million yuan before its IPO, which is over 80% of its net profit for the past two years [1][4]. - The company provided a stock incentive worth approximately 420 million yuan to its newly appointed general manager, resulting in a substantial financial "gift" upon joining [4][5]. - The company has not accounted for the difference between the stock incentive price and its fair value, which could lead to a significant reduction in net profit in the future [2][3]. Related-Party Transactions - Xinqiang Electronics has a high dependency on related-party sales, with significant amounts sold to joint ventures, raising concerns about profit margins and operational independence [6][8]. - The company reported related-party sales of 61.65 million yuan, 56.86 million yuan, and 125 million yuan from 2022 to 2024, which accounted for 20.35%, 5.69%, and 12.5% of total sales, respectively [6][8]. - The profit margins from related-party sales are significantly higher than those from the company's own sales, indicating potential risks in its business model [6][8]. Management and Control - The actual control of Xinqiang Electronics lies with the Yu family, who hold over 95% of the shares, creating a concentrated ownership structure [2]. - The new general manager, Chen Defu, is not a core technical figure in the PCB industry, raising questions about the effectiveness of the management change [5]. Market Position and Risks - Xinqiang Electronics faces challenges in maintaining growth due to reliance on joint ventures and a narrow product structure, particularly in the storage PCB segment [8][9]. - The company's revenue growth has stagnated, with a reported decline of 0.13% in 2024, contrasting with the double-digit growth of its peers [10].