前脚分红后脚募资，3.5亿元全进实控人家族腰包，惹争议三年后，无锡“夫妻店”IPO终过会

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) has received approval for its IPO after a prolonged wait of over two years, attributed to a recovery in its performance despite previous declining profits [1][2]. Group 1: Company Performance - Xihua Technology, established in 2001, specializes in providing full-process services for wind turbine gearbox components and is a leading player in the global market [2]. - The company's revenue figures from 2021 to 2024 show a decline, with revenues of approximately 942 million yuan, 908 million yuan, and 955 million yuan for 2022, 2023, and 2024 respectively, alongside net profits of about 184 million yuan, 177 million yuan, and 142 million yuan [2]. - A recovery in demand starting from Q2 2024 is expected to lead to a year-on-year revenue growth of 5.19% for the entire year, marking a turning point for the company [2]. - For the first half of 2025, Xihua Technology reported a revenue increase to 580 million yuan, a growth rate of 36.67%, and a net profit of approximately 94.29 million yuan, reflecting a year-on-year increase of 55.67% [2]. Group 2: Future Projections - Xihua Technology anticipates optimistic performance for the first three quarters of 2025, projecting revenues between 859 million yuan and 869 million yuan, and net profits between 150 million yuan and 157 million yuan [3]. - The company is facing potential impacts on its gross margins and performance due to recent policy changes in the renewable energy sector, which may lead to a decrease in wind power prices [3]. Group 3: Ownership and Governance - The company is predominantly controlled by the Wang family, with a combined ownership of 91.66%, raising concerns about governance and decision-making [4]. - In 2022, Xihua Technology distributed a significant cash dividend of 350 million yuan, which was nearly equivalent to 94.6% of its net profits for 2021 and 2022 combined, leading to market skepticism regarding its financial management [5]. Group 4: Customer Dependency - Xihua Technology has a high dependency on its major client, Nanjing High-Speed Gear Manufacturing Co., Ltd. (Nanjing High-Speed), which accounted for 60.02% of its revenue in 2024 [7]. - Nanjing High-Speed is currently facing severe financial and legal issues, including a net loss of 6.557 billion yuan in 2024, which poses a risk to Xihua Technology's receivables and overall profitability [7][8]. - Despite efforts to diversify its customer base, with new clients emerging in 2025, the reliance on Nanjing High-Speed remains a critical concern for the company's financial stability [8].