年度净利连降、实控人手握超九成表决权，锡华科技IPO迎考

Core Viewpoint - The company, Xihua Technology, is set to undergo an IPO review on September 5, 2025, after a series of inquiries and a significant cash dividend prior to the IPO [2][3]. Group 1: Company Overview - Xihua Technology was established on June 22, 2001, and specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components [2]. - The company is one of the few in China that can provide full-process services for wind turbine gearbox components [2]. - The actual controllers of the company, Wang Rongzheng and Lu Yanyun, collectively control over 91% of the voting rights prior to the IPO [2][3]. Group 2: Financial Performance - Xihua Technology's revenue from 2021 to 2024 was approximately 8.78 billion, 9.42 billion, 9.08 billion, and 9.55 billion respectively, with corresponding net profits of about 1.87 billion, 1.83 billion, 1.77 billion, and 1.42 billion [4]. - The company experienced a decline in net profit in 2024 due to slower-than-expected project progress in the wind power sector, leading to fluctuations in market demand [5]. - In the first half of this year, Xihua Technology reported a revenue of approximately 5.8 billion, a year-on-year increase of 36.67%, and a net profit of about 949.55 million, up 52.99% year-on-year [5][6]. Group 3: IPO and Fundraising - The company plans to raise approximately 14.98 billion through the IPO, with funds allocated for the development of core wind power equipment and key components for wind turbine gearboxes [6][7]. - Initially, the company aimed to raise about 20.48 billion, including 5.5 billion for working capital, but later revised the fundraising target to 14.98 billion, eliminating the working capital component [7].