“豪赌式IPO”，强一股份单一客户依赖症下的“生死局”

Core Viewpoint - The company, Qiangyi Co., is facing significant scrutiny regarding its IPO due to high dependency on a single client, Huawei, which accounts for 82.83% of its revenue, alongside concerns about its soaring profit margins and potential financial irregularities [2][5][9] Group 1: Client Dependency - Qiangyi Co.'s revenue is heavily reliant on a single related party, with 82.83% of its revenue tied to Company B (Huawei), a significant increase from 50.29% in 2022 [2][5] - The company's top five clients account for over 82.84% of sales, raising concerns about operational sustainability and risk if Huawei alters its procurement strategy [2][5] - The revenue from Company B surged by 121.76% year-on-year in the first half of 2025, while revenue from over 400 other clients only grew by 11.43% [5][6] Group 2: Financial Performance - Qiangyi Co. reported a gross margin increase from 40.78% in 2022 to 68.99% in the first half of 2025, significantly above the industry average of 32.19% [6][7] - The company’s net profit for 2024 was 233 million yuan, but its operating cash flow was only 56.87 million yuan, indicating a severe disconnect between cash flow and profit [6][8] - The rising inventory impairment provision, which reached 24.35%, is notably higher than the industry average of 10%, suggesting increased inventory risk [6][8] Group 3: Related Party Transactions - Qiangyi Co. has significant related party transactions, with 40.09% of sales being related, and over 80% of these sales linked to Company B (Huawei) [7][8] - The company’s major supplier, Nantong Yuan Zhou, has been consistently unprofitable yet continues to receive substantial orders, raising questions about the legitimacy of these transactions [6][8] - There are concerns regarding the fairness of pricing in related transactions, as the gross margin for sales to Company B is 61.62%, compared to 35.45% for other clients, a 26 percentage point difference without adequate justification [6][7] Group 4: Compliance Risks - Qiangyi Co. has a history of signing special rights agreements with gambling clauses, which could impact its equity structure if the IPO is rejected [8][9] - The company’s Korean subsidiary is under investigation for alleged commercial secret violations, which adds to the compliance concerns surrounding its operations [8][9] - An ongoing significant lawsuit with Ling Sheng Technology could further impact the company's financial stability if the outcome is unfavorable [9]