飞骧科技港股IPO：主要客户注册地址重合疑为空壳公司 递表前夕突击变更工商信息上演“此地无银三百两”？

Core Viewpoint - Feixiang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D enhancement, product optimization, and potential strategic investments, despite facing significant liquidity issues and a decline in revenue and profit in the first half of 2025 [1][11][20]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 55.1% in revenue from 2022 to 2024, with a projected net profit of 76.295 million yuan in 2024 after narrowing losses [1][20]. - However, in the first half of 2025, both revenue and net profit declined, indicating a downturn in operational performance [1][20]. - The net cash flow from operating activities was negative 636 million yuan over the reporting period, raising concerns about liquidity [1][20]. Financial Structure - As of May 2025, the company had 424 million yuan in cash but faced a debt of 986 million yuan, resulting in a significant funding gap [1][17]. - The asset-liability ratio has been increasing, reaching 72.05% in 2024, indicating rising financial risk [16][20]. Client Dependency and Market Position - Feixiang Technology's revenue is heavily reliant on a few major clients, with the top five clients contributing to 79.7% of total revenue in early 2025 [24]. - The company primarily serves mid-tier mobile phone manufacturers, which limits its market position compared to global leaders like Skyworks and Qorvo [21][20]. Corporate Governance and Ownership - The company's core management team has strong ties to Guomind Technology, a listed company, which raises questions about governance and potential conflicts of interest [13][19]. - The controlling shareholder, Longhua, has frequently sold shares to meet personal financial needs, indicating potential instability in ownership [15][16]. Regulatory and Compliance Issues - There are concerns regarding the legitimacy of some major clients, as overlapping addresses suggest possible shell company activities, which could impact the company's credibility [2][18][33]. - The company did not disclose its previous IPO attempts and the reasons for switching from the A-share market to the Hong Kong market in its prospectus, raising transparency issues [11][12].