Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 61.06 yuan, reflecting a significant increase of 190.76% on its first day of trading [1]. Company Overview - Haocreat Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [1]. Shareholding Structure - The major shareholders are Duan Youtao and Zhang Lingli, who together control 75.03% of the company. Duan Youtao holds 38.00% directly and 4.87% indirectly through a partnership, while Zhang Lingli holds 32.16% directly. They are a married couple, with Duan serving as Chairman and General Manager, and Zhang as a Director and Deputy General Manager [1]. Fundraising and Financials - The company raised a total of 585.90 million yuan, with a net amount of 516.15 million yuan after deducting issuance costs. This net amount exceeded the original plan by 39.62 million yuan [3]. - The funds will be allocated to projects including the production of smart ring main units, smart pole-mounted switches, and the establishment of a smart distribution research center, as well as to supplement working capital [3]. Financial Performance - From 2022 to 2024, the company reported revenues of 559.80 million yuan, 672.37 million yuan, and 867.25 million yuan, respectively, with net profits of 68.76 million yuan, 87.41 million yuan, and 111.29 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 450.80 million yuan, a year-on-year increase of 2.97%, and a net profit of 61.61 million yuan, reflecting a growth of 15.80% [6]. Customer Concentration - The State Grid Corporation is the largest customer, accounting for a significant portion of sales, with revenues from this customer being 350 million yuan, 498 million yuan, and 619 million yuan over the past three years, representing 91.87%, 88.92%, and 91.99% of total sales, respectively [11]. - The gross profit from sales to the State Grid has consistently exceeded 93% over the last three years, indicating a heavy reliance on this customer [11]. Market Position and Challenges - The company faced challenges due to quality issues, resulting in a six-month suspension of bidding qualifications for certain products from the State Grid's subsidiaries, which negatively impacted its operational performance and brand reputation [11].
昊创瑞通上市募5.9亿首日涨191% 依赖国网曾被“停标”