Venture(US:VEMLY) Sou Hu Cai Jing·2025-11-02 13:21Core Viewpoint - The IPO process of Shenzhen Aiwei Electric Technology Co., Ltd. has been suspended due to the expiration of financial documents, adding uncertainty to its controversial listing journey [1] Financial Performance - Aiwei Electric's revenue from 2022 to 2024 was reported as 215 million, 341 million, and 442 million yuan respectively, with net profits of 57.37 million, 86.42 million, and 106 million yuan, and gross profit margins of 41.40%, 42.55%, and 41.71% [5][12] - The company has seen a significant increase in accounts receivable, with balances of 83 million, 140 million, and 222 million yuan, representing 38.47%, 40.96%, and 50.33% of revenue respectively [7][6] IPO Details - The company plans to raise approximately 930 million yuan through its IPO, with allocations of 545 million yuan for a new energy vehicle high-voltage control component manufacturing base, 265 million yuan for a digital control and power electronics technology R&D center, 50.35 million yuan for information system construction, and 70 million yuan for working capital [1][8] Audit and Compliance Issues - The Ministry of Finance revealed serious distortions in Aiwei Electric's 2022 financial statements, including a 89% reduction in cash, 55% reduction in inventory, and 25% reduction in accounts receivable [3][4] - The previous auditing firm, Juyuan Lide, was penalized for issuing false audit reports, and the company did not disclose this change in its IPO application [4][3] R&D and Patent Activity - Aiwei Electric did not apply for any patents for over five years after its establishment in 2017, with a sudden increase in patent applications occurring in 2023 [14] - The company has increased its R&D personnel from 30 in 2022 to 138 in 2024, with R&D expenses growing by 308% over three years [14][15] Production Capacity and Market Position - The company plans to increase its production capacity for high-voltage controllers to 5.9 million sets annually, while its sales in 2024 were only 2.11 million sets, indicating potential overcapacity [12] - Aiwei Electric holds the largest market share in the domestic market for electric compressor controllers at approximately 13.35% and ranks second in PTC controllers with about 5.23% [5]