浙江杭州杀出一家IPO，产能利用率未饱和仍扩产，频繁转让股份套现近

Core Viewpoint - The company, Easy Vision (Hangzhou) Technology Co., Ltd., is set to undergo a listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.214 billion yuan, despite having sufficient funds and declining capacity utilization, raising questions about the necessity of the fundraising [2][3][4]. Group 1: Fundraising and Capacity Utilization - The proposed fundraising of 1.214 billion yuan includes 1 billion yuan for liquidity, 705 million yuan for a machine vision product industrialization base, and 409 million yuan for a machine vision R&D center, despite a significant drop in capacity utilization from 85.89% to 72.26% over the reporting period [3][4]. - The company reported a compound annual growth rate (CAGR) of 32.60% in main business revenue from 2022 to 2024, with machine vision equipment accounting for over 95% of revenue, indicating a potential for capacity absorption [4][5]. - The company has a substantial order backlog of 474.79 million yuan as of June 30, 2025, which supports the argument for capacity expansion [4]. Group 2: Financial Health and Governance Issues - The company has experienced frequent share transfers by its actual controller, raising concerns about the motivations behind these transactions, which may include cashing out rather than attracting strategic investors [7][9]. - Government subsidies significantly impact the company's profitability, with subsidies accounting for over 264.67% of net profit in 2022, highlighting a reliance on external financial support [10][11]. - The company has faced multiple administrative penalties and has engaged in non-compliant financial practices, such as improper fund lending and tax violations, which raise questions about its internal controls and governance structure [12][13][14].