晶存科技港股IPO：1.32亿重大诉讼悬而未决 现金流与净利润背道而驰 “纸面富贵”积重难返？

Core Viewpoint - Shenzhen Jincun Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, but its financial health raises concerns due to significant cash flow issues and high reliance on external funding [1][6][7]. Financial Performance - The company reported explosive revenue growth, with revenues of 2.096 billion, 2.402 billion, and 3.714 billion yuan from 2022 to 2024, and a revenue of 2.060 billion yuan in the first half of 2025, representing a year-on-year growth of 19.33% [3][4]. - However, the net profit for the same periods was 70.519 million, 74.438 million, and 136 million yuan, with a net profit of 146 million yuan in the first half of 2025, showing only a 1.21% increase year-on-year [3][4]. Cash Flow and Liquidity Issues - The company experienced a cumulative net cash outflow of 1.161 billion yuan from operating activities, significantly exceeding its net profit, indicating serious concerns about its true profitability [6][7]. - As of June 30, 2025, the company had bank loans and other borrowings amounting to 1.381 billion yuan, a staggering increase of 747.59% compared to the end of 2022, highlighting a severe liquidity crisis [6][7]. Inventory and Receivables - Inventory and accounts receivable accounted for 81.20% of current assets as of June 30, 2025, indicating a significant amount of working capital is tied up [6][7]. - The company has been unable to effectively manage its inventory, leading to substantial provisions for inventory impairment, which have impacted its financial performance [7]. Legal Risks - The company is currently involved in a lawsuit filed by Jiangbolong, claiming infringement of trade secrets, with a compensation demand of 132 million yuan. The case is still under appeal [8][9]. Supplier Dependency - Jincun Technology has a significant reliance on a few major suppliers, with the top five suppliers accounting for 75.0% to 80.8% of total procurement during the reporting periods [5].