重庆一家IPO企业应收账款与债务双双攀升，劳务派遣问题受监管询问

Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. is set to undergo listing review on the Shanghai Stock Exchange, aiming to raise 1.329 billion yuan, amidst concerns over its increasing accounts receivable and low R&D investment [2][3][5] Accounts Receivable and Inventory Issues - The company's accounts receivable surged to 1.135 billion yuan by the end of the reporting period, accounting for 48% of current assets, with a turnover rate between 2.71 and 2.83, below industry averages [2][3][4] - The top five customers contribute over 70% of sales, with a significant portion of accounts receivable at risk of bad debts, raising concerns about customer credit risk [3][4][6] - Inventory levels have also increased, with a total value exceeding 20% of current assets, and provisions for inventory impairment are higher than industry peers [4][5] R&D Investment and Personnel Concerns - R&D expenses have been low, averaging below 5% of revenue, with no full-time R&D staff reported in 2022, and a significant portion of R&D personnel holding only associate degrees or lower [2][7][9] - The company has faced inquiries regarding the adequacy of its R&D investment and the qualifications of its technical team, which includes a CTO with only a secondary school education [7][9][10] Debt and Financial Pressure - The company's interest-bearing debt rose sharply from 911 million yuan in 2022 to 1.529 billion yuan by mid-2025, indicating increasing financial pressure [3][12] - There are multiple outstanding lease financings and accounts receivable transfer financings, suggesting tight cash flow and potential liquidity issues [3][12][13] Corporate Governance and Labor Issues - The company is family-controlled, with significant voting power held by the controlling couple, raising concerns about potential conflicts of interest affecting minority shareholders [3][11] - Labor dispatch issues have been reported, with a notable percentage of dispatched workers in core positions and concerns over the legitimacy of labor dispatch companies used by the firm [13]