健信超导IPO：研发投入“踩线达标” “关系户”收入占比近5成

Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. is facing scrutiny during its IPO process due to high customer concentration and low profitability, raising concerns about the fairness and authenticity of its transactions [1][2]. Group 1: Customer Concentration - The sales revenue from the top five customers of Jianxin Superconductor increased from 73.75% in 2022 to 83.43% in 2024, indicating a significant rise in customer concentration [1]. - Many of these major customers have equity ties with Jianxin Superconductor, such as Fujifilm Group, which holds a 51% stake in a joint venture, and GE Healthcare, which owns 3.10% of the company [1]. - Approximately 45.83% of the total sales revenue during the reporting period (2022-2024) came from these "related parties," totaling 566 million yuan [1]. Group 2: Profitability and R&D Investment - The company's gross profit margins were 19.56%, 22.84%, and 24.94% from 2022 to 2024, significantly lower than the industry average of around 45% [1][2]. - The net profit after deducting non-recurring items was 30.85 million yuan, 44.73 million yuan, and 50.27 million yuan for the same period, indicating limited profitability [2]. - Jianxin Superconductor's R&D expense ratio was 5.66%, 5.42%, and 6.50% from 2022 to 2024, which is substantially below the industry average of 14.44% to 18.36% [2]. - Cumulatively, the company invested 72.396 million yuan in R&D over three years, representing only 5.86% of total revenue, marginally above the 5% benchmark for the Sci-Tech Innovation Board [2]. Group 3: Dividend Policy and Fundraising - Jianxin Superconductor has implemented cash dividends totaling approximately 60 million yuan over three years, even in 2024 when revenue declined and cash flow from operations was negative [2]. - The company planned to raise 90 million yuan for supplementary working capital in its IPO, which raised questions given its recent dividend payouts [2]. - Following inquiries from the exchange, Jianxin Superconductor canceled the 90 million yuan supplementary fund project, reducing the total fundraising amount from 865 million yuan to 775 million yuan [3].