丰沃股份IPO背后：背靠吉利集团，“拳头”产品售价连降

Core Viewpoint - Ningbo Fengwo Turbocharger Technology Co., Ltd. (Fengwo) is progressing with its IPO on the Shanghai Stock Exchange, led by the children of Geely Holding Group's chairman Li Shufu, despite declining sales prices for its main product, turbochargers [1][4]. Group 1: Company Overview - Fengwo specializes in the research, manufacturing, and sales of turbochargers and is expanding into electric turbochargers and core components for air suspension systems [3]. - The company aims to raise approximately 656 million yuan through its IPO, with 108 million yuan allocated for working capital and the remainder for production projects [3]. Group 2: Financial Performance - Fengwo's revenue for 2022, 2023, and 2024 is projected to be approximately 1.399 billion yuan, 1.598 billion yuan, and 2.067 billion yuan, respectively, with corresponding net profits of about 119 million yuan, 130 million yuan, and 204 million yuan [3][4]. - In the first half of 2025, Fengwo reported revenue of approximately 997 million yuan and a net profit of about 114 million yuan [3]. Group 3: Sales and Customer Concentration - The average sales price of turbochargers has been declining, with prices recorded at 1,021.54 yuan, 972.28 yuan, 932.8 yuan, and 921.93 yuan for the years 2022 to 2025 [4]. - Over 90% of Fengwo's sales in the first half of 2025 were to its top five customers, with over 30% of sales coming from Geely Group and its affiliates [1][5]. Group 4: Control and Competition - The actual control of Fengwo is held by siblings Li Ni and Li Xingxing, who collectively control 75% of the voting rights, with their father being Li Shufu of Geely Holding Group [4]. - Fengwo has stated that there is no significant competition from companies controlled by its major shareholders in similar business areas [5].