对第一大客户依赖升温 上海超导IPO交出首轮问询“答卷”

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is progressing in its IPO application on the Sci-Tech Innovation Board, with steady growth in annual net profit and gross margin during the reporting period, despite a high customer concentration risk [1][4][5]. Company Overview - Company Name: Shanghai Superconductor Technology Co., Ltd. [3] - IPO Status: Under inquiry [3] - Focus: Research, production, and sales of second-generation high-temperature superconducting materials [4]. Financial Performance - Revenue for 2022, 2023, and 2024 is approximately 35.78 million, 83.34 million, and 240 million CNY, respectively, with corresponding net profits of -26.11 million, -3.91 million, and 72.95 million CNY [4]. - In the first half of 2025, the company achieved revenue of approximately 66.54 million CNY and a net profit of about 3.65 million CNY [5]. - The gross margin for the reporting period was 23.49%, 55.77%, 60.52%, and 70.87% [6]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 74.24%, 87.45%, 81.93%, and 86.68% of revenue during the reporting periods [8]. - Sales to the largest customer, the Chinese Academy of Sciences, represented over 60% of revenue in the first half of 2025 [1][8]. Inventory and Accounts Receivable - Accounts receivable at the end of each reporting period were 18.16 million, 21.46 million, 81.24 million, and 45.09 million CNY, with respective ratios to revenue of 50.75%, 25.75%, 33.92%, and 67.77% [9]. - Inventory balances increased to 51.62 million, 69.78 million, 88.86 million, and 142 million CNY, reflecting rising production and sales scales [10]. Shareholding Structure - The largest shareholder is Precision Holdings, which owns 18.15% of Shanghai Superconductor [11]. - The company has no controlling shareholder or actual controller, and there are concerns regarding potential business interactions with Precision Holdings [12].