微亿智造IPO：一手采购一手销售算力服务，客户被收购后部分“交易对手”成了控股股东之一

Core Viewpoint - Weiyi Intelligent Manufacturing Technology Co., Ltd. (Weiyi Intelligent) has recently submitted its application for listing on the Hong Kong Stock Exchange, highlighting its aggressive acquisition strategy since its establishment in 2018, including the acquisition of Jiangsu Zhiyun Tiangong Technology Co., Ltd. and plans to acquire Shanghai Jiebo Te Robotics Co., Ltd. [1][5] Group 1: Financial Performance - Weiyi Intelligent's revenue for the years 2022 to 2025 is projected to be 221 million yuan, 434 million yuan, 600 million yuan, and 412 million yuan respectively, with net profits of -92.01 million yuan, -114 million yuan, 15.73 million yuan, and 6.68 million yuan [2] - In 2022, Weiyi Intelligent's revenue included 60.99 million yuan classified as other income, primarily from sales of computing power services to Zhiyun Tiangong, which accounted for nearly 30% of total revenue [2][3] - The cost of computing power for Weiyi Intelligent in 2022 was 48.70 million yuan, raising questions about the discrepancy between procurement costs and sales revenue from computing power services [3] Group 2: Acquisition Details - Weiyi Intelligent acquired 100% of Zhiyun Tiangong for 229 million yuan, financed through cash and share issuance, resulting in goodwill of 178 million yuan [3][4] - The acquisition of Zhiyun Tiangong did not require the disclosure of its pre-acquisition financial data as it did not meet the 25% threshold defined by listing rules [4] - Weiyi Intelligent plans to acquire 100% of Jiebo Te in two phases, with the first phase completed for 224 million yuan for 20.29% of the equity, valuing the entire company at approximately 1.104 billion yuan [5][6] Group 3: Shareholder Dynamics - Some sellers of Zhiyun Tiangong have become significant shareholders of Weiyi Intelligent, raising questions about potential related party transactions and the need for financial disclosures [4][8] - Weiyi Intelligent has engaged in multiple rounds of financing totaling over 800 million yuan from 2019 to 2025, with investors holding redemption rights that could affect control dynamics [7][8] - The redemption rights held by the sellers of Zhiyun Tiangong could lead to changes in control if exercised, but these rights are set to terminate by June 30, 2025, according to the new shareholder agreement [8]