实际控制人夫妻分红和套现已超2亿元 苏州双祺闯关北交所 对赌压力下业绩“变脸”

Core Viewpoint - The company Suzhou Shuangqi Automation Equipment Co., Ltd. is preparing for its IPO while facing significant challenges, including a sharp decline in net profit and high customer concentration risks [1][4][5]. Company Overview - Suzhou Shuangqi is a supplier of intelligent logistics equipment, focusing on smart unloading devices [1]. - The actual controller, Shang Jitong, has a notable personal journey from a frontline worker to the company's leader [1]. Financial Performance - In 2021, the company distributed a cash dividend of 160 million yuan to Shang Jitong and his spouse, with a total of 76.46 million yuan paid by the end of 2021 [2]. - Revenue figures for 2022 to 2024 were 358 million yuan, 400 million yuan, and 409 million yuan, respectively, with net profits of 30.4 million yuan, 40.95 million yuan, and 45.68 million yuan, indicating continuous growth [4]. - However, in the first half of 2025, revenue was 135 million yuan, a year-on-year increase of 23.16%, while net profit dropped by 34.58% to 8.31 million yuan [5]. Customer Concentration and Risks - The top five customers accounted for 80.74%, 69.88%, and 69.21% of total revenue during the reporting periods, indicating high customer concentration [4]. - Major clients include well-known logistics companies like JD Logistics and SF Express, but there are concerns about the stability of these partnerships [5]. Pricing and Profitability - The average price of the core product, smart unloading equipment, has been declining, recorded at 75,700 yuan, 66,500 yuan, and 66,200 yuan during the reporting period [5]. - The gross margin significantly decreased to 22.23% in the first half of 2025, down from 27.74% in the previous year, attributed to intensified market competition [5]. IPO and Investment Agreements - The company's IPO application was accepted at the end of June 2025, with multiple performance-based agreements established with investors [3]. - If the company fails to achieve a qualified listing by June 30, 2028, or if net profit declines over 30% in any year, investors have the right to require a buyback of shares from Shang Jitong [3].