Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. is facing scrutiny regarding its IPO application due to concerns over insufficient performance quality, conflicting financial data, and imbalanced expense allocation [1] Financial Performance - The company has shown steady revenue and net profit growth over the past three years, with revenue increasing from 396 million to 499 million CNY, a cumulative growth of 25.85%, and net profit rising from 48.74 million to 58.91 million CNY, a cumulative increase of 20.87% [2] - However, a significant portion of this profit is reliant on non-recurring gains, with government subsidies contributing over 19% to total profit, peaking at 24.44% in certain years [2][3] - In the first half of 2025, revenue growth has slowed to 6.83%, and net profit has only marginally increased by 0.58%, indicating potential issues in core business profitability [3] Financial Data Integrity - The company has faced regulatory inquiries due to discrepancies in key financial data, with significant mismatches between sales order data and actual shipment records, raising concerns about revenue recognition compliance [4][5] - The audit report highlighted substantial differences in data management across various systems, which could impact the accuracy and completeness of revenue reporting [4] Expense Structure - The company's expense allocation shows a heavy emphasis on marketing over research and development, with sales expenses rising from 68.80 million to 101 million CNY, while R&D expenses only increased from 25 million to 32.81 million CNY [6][7] - The sales expense ratio has consistently exceeded industry averages, while the R&D expense ratio remains below industry norms, raising questions about the sustainability of its high gross margins [7]
精创电气IPO:数据存疑、费投结构失衡、高毛利谜题待解
Xin Lang Zheng Quan·2025-08-27 09:55