明天上会！通领科技三闯IPO：24名一致行动人共持股近76%，申报稿中一生产类募投项目已被直接取消

Core Viewpoint - Tongling Technology is preparing for its IPO with a fundraising target of approximately 411 million yuan, aimed at various projects including production and R&D upgrades [1][3]. Group 1: IPO and Fundraising - The IPO journey of Tongling Technology has faced multiple challenges, including failed applications in 2017 and 2022, before finally adjusting its listing plan to the Beijing Stock Exchange in 2024 [3]. - The total amount of funds to be raised has decreased from 516 million yuan to 411 million yuan, with the cancellation of a project related to the production of automotive door assemblies [3][13]. Group 2: Business Overview - Established in 2007, Tongling Technology specializes in the R&D, production, and sales of automotive interior components, serving over 30 domestic and international OEMs [5]. - The company's main products include door trim strips, instrument panels, and center consoles, primarily for passenger vehicles [5]. - As of the signing date of the prospectus, Tongling Technology holds 127 patents, including 44 invention patents [5]. Group 3: Financial Performance - During the reporting period, Tongling Technology achieved revenues of approximately 892 million yuan, 1.01 billion yuan, 1.07 billion yuan, and 486 million yuan, with net profits of about 64.56 million yuan, 112 million yuan, 131 million yuan, and 87.21 million yuan respectively [7]. - The overseas revenue proportion increased significantly from 16.74% to 51.26% during the reporting period, with the U.S. market contributing 25.89% [12]. Group 4: Client Concentration and Accounts Receivable - The revenue from the top five clients accounted for 63.34%, 61.79%, 61.15%, and 52.4% of total revenue during the reporting period, indicating a high but declining client concentration [9]. - Accounts receivable from major clients such as SAIC Group and Volkswagen Group were significant, with total accounts receivable amounting to approximately 249.16 million yuan [10]. Group 5: Production Capacity and Utilization - The production capacity utilization rate of the Shanghai plant has been declining, recorded at 88.75%, 87.86%, 85.67%, and 83.34% over the reporting period [15]. - The company plans to invest over 30% of the raised funds into the production project in Wuhan, despite the declining capacity utilization raising questions about the necessity of the fundraising [13][14]. Group 6: Internal Control and Compliance Issues - Tongling Technology has faced multiple internal control violations, including issues related to bonus distribution, accounting errors, and improper expense reimbursements [17]. - The company has undergone several accounting corrections, affecting net profit margins significantly during the reporting periods [17]. Group 7: Shareholding Structure - The controlling shareholder, Xiang Chunchao, along with 23 other concerted actors, holds a combined 75.88% of the company's shares [4][18].