财政部“点名”处罚原年报审计机构，艾为电气IPO之路遇麻烦

Core Viewpoint - Shenzhen Aiwei Electric Technology Co., Ltd. (Aiwei Electric) has completed its first round of inquiries for its IPO, raising concerns about the authenticity of its financial data due to an administrative penalty involving its auditor [1][5]. Financial Performance - Aiwei Electric is the largest third-party supplier of high-voltage controllers for thermal management in new energy vehicles in China [1]. - The company reported revenues of 215 million yuan, 341 million yuan, and 442 million yuan for the years 2022 to 2024, respectively, with net profits of 57.37 million yuan, 86.42 million yuan, and 106 million yuan during the same period [5][6]. - The company claims that its performance growth is sustainable due to continuous customer acquisition and a strong order backlog, despite a decline in sales prices of its main product [6]. Financial Data Issues - The Ministry of Finance's penalty against the auditing firm revealed significant discrepancies in Aiwei Electric's 2022 financial statements, including a 137.6 million yuan reduction in cash and a 33% inflation of R&D expenses [5][6]. - The audit firm failed to implement necessary audit procedures, leading to the issuance of a false audit report [5]. Product and Market Dynamics - Aiwei Electric's main product, the high-voltage controller, accounts for over 99% of its revenue, but the sales price has been declining, with a 3.58% drop in 2023 and a projected 15.26% drop in 2024 [6]. - The company attributes the price decline to industry practices and competitive pressures in the new energy vehicle market [6]. Fundraising and Dividend Distribution - The company plans to use the funds raised from the IPO for projects including an intelligent manufacturing base for high-voltage components and a digital control and power electronics R&D center [6][7]. - Despite raising funds, Aiwei Electric has distributed a total of 58.88 million yuan in cash dividends over the past three years [7][8]. Shareholding and Legal Issues - The actual controller of Aiwei Electric, Liang Xianghui, has faced legal disputes related to shareholding arrangements, including a lack of formal agreements regarding shareholding proxies [9][10][13]. - The company asserts that these legal issues do not affect its current shareholding structure or the stability of control [13][14].