Core Viewpoint - Wuxi Xihua Technology Co., Ltd. has received approval for its IPO after nearly two years of waiting, but concerns have arisen due to the company's second change in fundraising purposes [2] Company Overview - Established in 2001, Xihua Technology specializes in the R&D, manufacturing, and sales of components for wind turbine gearboxes, primarily serving large wind power equipment and injection molding machine sectors. It is one of the few companies in China that can provide full-process services for wind turbine gearbox components [4] IPO Fundraising Plans - The company initially planned to raise 2.048 billion yuan for projects related to the industrialization of core wind power equipment, the construction of a research and development center, and to supplement working capital [4] - Following the review inquiry phase, the company adjusted its fundraising amount for the "supplementing working capital" project from 550 million yuan to 200 million yuan, and later canceled this project, reducing the total fundraising amount to 1.498 billion yuan [6] Financial Performance - In the first half of 2025, Xihua Technology reported revenue of 580 million yuan, a year-on-year increase of 36.67%, and a net profit of 142 million yuan, up 52.99% year-on-year [5] - From 2022 to 2024, the company's revenue showed fluctuations with year-on-year changes of 7.29%, -3.62%, and 5.19%, while net profit experienced declines of 14.61%, 4.25%, and 19.65%, indicating significant volatility and instability in performance [5] - The net profit margin has decreased from 25.47% in 2020 to 14.87% in 2024, marking a continuous decline over five years [5] - In 2022, prior to the IPO application, the company issued a substantial cash dividend of 350 million yuan, leading to a 46.19% drop in retained earnings compared to the end of 2021 [5]
锡华科技IPO：净利润率连续5年下滑 “砍掉”5.5亿元募投项目能顺利闯关吗？
Xi Niu Cai Jing·2025-09-05 08:11