“85后”老板从工人到身家过亿，苏州双祺冲刺北交所上市，对赌压力下业绩却突然变脸

Core Insights - The article highlights the journey of Shang Jitong, the actual controller of Suzhou Shuangqi Automation Equipment Co., Ltd., from a frontline worker to a successful entrepreneur, leading the company to the capital market after over 20 years of experience [1][2]. Company Overview - Suzhou Shuangqi specializes in intelligent logistics equipment, particularly smart unloading devices, and has shown continuous revenue growth from 3.58 billion yuan in 2022 to 4.09 billion yuan in 2024 [4]. - The company has a high customer concentration, with the top five customers accounting for approximately 69% to 81% of total revenue during the reporting periods [4][5]. Financial Performance - The net profit of Suzhou Shuangqi has also increased, from 30.4 million yuan in 2022 to 45.68 million yuan in 2024, although there are concerns about the sustainability of this growth due to high customer concentration [4]. - In the first half of 2024, the company reported a revenue of 1.35 billion yuan, a year-on-year increase of 23.16%, but the net profit decreased by 34.58% to 8.31 million yuan [6]. Shareholder Actions - In 2021, the company distributed a cash dividend of 160 million yuan to Shang Jitong and his spouse, with a total cash outflow exceeding 200 million yuan from dividends and share transfers [2][3]. - The company has entered into several performance-based agreements with institutional investors, which could trigger buyback clauses if certain financial targets are not met by June 2028 [3]. Market Challenges - The average selling price of the core product, smart unloading devices, has been declining, from 75,700 yuan per unit in 2022 to 66,200 yuan in 2024, indicating pricing pressure due to increased market competition [5][6]. - The company's gross margin has also decreased significantly, from 27.74% in the previous year to 22.23% in the first half of 2024, attributed to intensified market competition [6].