“85后”老板从普通工人做到亿万富豪，名下公司冲刺上市，夫妻俩已分红和套现超2亿元！公司签了对赌协议，业绩却突然变脸

Core Viewpoint - The article highlights the journey of the entrepreneur Shang Jitong, who has led Suzhou Shuangqi Automation Equipment Co., Ltd. to the brink of entering the capital market, while also noting the company's recent financial struggles and high customer concentration risks [1][4][7]. Company Overview - Suzhou Shuangqi is a supplier of intelligent logistics equipment, focusing on smart unloading equipment as its core product [4]. - The company has experienced continuous revenue growth from 2022 to 2024, with revenues of 3.58 billion, 4.00 billion, and 4.09 billion respectively, and net profits of 304 million, 409 million, and 456 million [7]. Financial Performance - Despite revenue growth, the company faced a significant decline in net profit in the first half of 2025, dropping over 30% [3][7]. - In the first half of 2024, the company reported a revenue of 1.35 billion, a year-on-year increase of 23.16%, but net profit fell by 34.58% to 831.49 million [8]. - The gross margin decreased to 22.23% in the first half of 2024, down from 27.74% in the previous year, attributed to intensified market competition [8]. Shareholder Actions - In 2021, the company distributed a cash dividend of 1.6 billion to Shang Jitong and his spouse, with a total payout exceeding 2 billion when including stock sales [4][5]. - Shang Jitong has transferred shares to various institutional investors, raising approximately 650 million [5][6]. Customer Concentration Risks - The top five customers accounted for a high percentage of revenue, with figures of 80.74%, 69.88%, and 69.21% over the reporting periods, indicating a risk of dependency on a limited customer base [7]. - Notable clients include JD Logistics and SF Express, but there are concerns about the stability of these partnerships, as evidenced by fluctuating sales figures [7][8]. Future Outlook and Challenges - The company has signed multiple performance-based agreements with investors, which could trigger buyback clauses if certain financial targets are not met by June 2028 [6]. - Regulatory scrutiny has increased regarding the authenticity and reasonableness of the company's reported growth, raising concerns about potential obstacles to its planned listing on the Beijing Stock Exchange [8].