关联交易“惹眼”，长进光子IPO胜算几何

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is progressing in its IPO application on the Sci-Tech Innovation Board, with strong financial performance but notable risks related to accounts receivable and customer concentration [1][4]. Financial Performance - Changjin Photon has shown consistent revenue and net profit growth during the reporting period, with revenues of approximately 108 million, 145 million, 192 million, and 44.73 million yuan for the years 2022 to 2025 Q1, respectively. Corresponding net profits were approximately 36.78 million, 54.66 million, 75.76 million, and 15.18 million yuan [4][5]. - The company's gross profit margins significantly exceed the industry average, with margins of 66.37%, 69.31%, 69.13%, and 68.7% for the same periods, compared to industry averages of 50.34%, 49.63%, 45.79%, and 43.22% [7]. Customer Concentration - A high concentration of sales to major customers is evident, with the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting periods [5][6]. - Among these top customers, Jiepu Technology, a listed company, is a significant player, contributing sales of 19.88 million, 14.95 million, 17.79 million, and 4.19 million yuan, representing 18.37%, 10.34%, 9.28%, and 9.38% of total revenue [5][6]. Related Party Transactions - Jiepu Technology is not only a major customer but also the second-largest shareholder of Changjin Photon, holding a 12.24% stake. The relationship is driven by Jiepu's need for domestically sourced specialty optical fibers to ensure supply chain security and reduce production costs [6][7]. Accounts Receivable - The accounts receivable balance has been increasing, with figures of 56.69 million, 59.11 million, 77.60 million, and 78.54 million yuan at the end of each reporting period. This trend raises concerns about cash flow and operational efficiency [7]. Management and Control - Changjin Photon is controlled by Changhexin, which holds 34.42% of the shares, while Li Jinyan, through various entities, controls 43.12% of the voting rights, making him the actual controller of the company [8]. - The management team has strong ties to Huazhong University of Science and Technology, with several key personnel having graduated from or worked at the institution [9].