琻捷电子冲刺IPO：花上亿元买的资产，次年就商誉减值超7000万元，交易对手还是公司间接股东

Core Viewpoint - The company Panjie Electronics Technology (Jiangsu) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, highlighting its growth in the automotive wireless sensor SoC market and the significant reliance on a major customer, referred to as Customer F, which is a subsidiary of one of its shareholders [1][3]. Group 1: Financial Performance - Panjie Electronics reported revenues of 1.04 billion, 2.23 billion, 3.48 billion, and 1.57 billion RMB for the years 2022 to 2025 (first half) respectively, indicating a growing but still modest business scale [2]. - The company has not yet achieved profitability, with losses of 2.05 billion, 3.56 billion, 3.51 billion, and 1.43 billion RMB during the same period [2]. - Customer F contributed 25.2% and 22.9% to Panjie Electronics' total revenue in 2024 and the first half of 2025, respectively [3]. Group 2: Customer and Distribution Changes - The number of distributors for Panjie Electronics decreased significantly from 480 at the end of 2023 to 182 by the end of 2024 and further to 119 by mid-2025, with a notable increase in the number of distributors exiting the sales system [2]. - In 2022 and 2023, 40 and 150 distributors exited the sales system, while only 58 and 34 new distributors were added in 2024 and the first half of 2025 [2]. Group 3: Acquisition and Goodwill Impairment - In 2022, Panjie Electronics acquired 100% of the shares of Juxun Semiconductor Technology (Shanghai) Co., Ltd. for over 1.26 billion RMB, but recorded a goodwill impairment of 76.1 million RMB in 2023 due to the underperformance of Juxun Semiconductor [1][6][7]. - The acquisition involved multiple transactions with various stakeholders, including a significant portion of shares held by individuals who became indirect shareholders of Panjie Electronics prior to the acquisition [9][12].