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

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][9]. Financial Performance - The company reported explosive revenue growth from 2022 to 2024, with revenues of 2.096 billion, 2.402 billion, and 3.714 billion respectively, and a net profit of 70.52 million, 74.34 million, and 136 million respectively [3]. - In the first half of 2025, the company achieved revenue of 2.060 billion, a year-on-year increase of 19.33%, with a net profit of 146 million, up 1.21% [3]. - Despite high revenues, the company faced negative cash flow from operating activities, totaling a net outflow of 1.179 billion, 2.30 billion, and 4.91 billion over the reporting periods, leading to a cumulative outflow of 1.161 billion [7][9]. Inventory and Receivables - As of June 30, 2025, inventory and accounts receivable accounted for 81.20% of current assets, indicating significant working capital being tied up [9]. - The company has struggled with inventory management, leading to substantial provisions for inventory impairment, which impacted net profits significantly [8]. Debt and Funding - The company has a high reliance on bank loans and shareholder contributions to meet liquidity needs, with bank loans and other borrowings reaching 1.381 billion, a staggering increase of 747.59% compared to the end of 2022 [9]. - Cash and cash equivalents stood at only 437 million, highlighting a significant funding gap [9]. Legal Issues - The company is currently involved in a lawsuit with Jiangbolong, claiming infringement of trade secrets, with a compensation demand of 132 million. The case is still under appeal [10].