爱舍伦IPO：第一大客户收入占比超70% 重大依赖何解？

Core Viewpoint - The company Aisheren is facing significant challenges in its IPO application due to high customer concentration, insufficient R&D investment, doubts about revenue authenticity, and contradictions in fundraising project disclosures [1][2][3]. Group 1: Financial Performance - Aisheren's net profit increased from 62.80 million yuan in 2022 to 80.61 million yuan in 2024, with a 44.81% year-on-year revenue growth in the first half of 2025 [1]. - The company's sales heavily rely on a single major client, Medline Group, with sales proportions of 71.51%, 73.08%, 71.00%, and 77.73% from 2022 to the first half of 2025 [1]. Group 2: Customer Dependency - Over 90% of Aisheren's revenue comes from overseas markets, with foreign sales accounting for 90.99%, 94.25%, 94.71%, and 96.54% of total revenue during the reporting periods [2]. - The high dependency on a limited number of clients poses a risk to the company's operational stability and bargaining power [2]. Group 3: R&D Investment - Aisheren's R&D expenses were 3.66 million yuan, 4.91 million yuan, and 7.86 million yuan from 2022 to 2024, representing only 0.64%, 0.85%, and 1.14% of revenue, significantly lower than the industry average of over 3% [3]. - The company has only 11 R&D personnel, making up just 0.57% of the total workforce, which is substantially lower than competitors like ZhenDe Medical and Aomei Medical [3][4].