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, despite declining sales prices for its main product, turbochargers [1][4]. Group 1: Company Overview - Fengwo is primarily engaged in the research, manufacturing, and sales of turbochargers, with plans to expand 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 the years 2022 to 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 revenues 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]. - Sales to the top five customers accounted for over 90% of total revenue, with over 30% of sales coming from Geely Holding 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, the chairman of Geely Holding Group [4]. - Fengwo has confirmed that there is no significant competition from companies controlled by its major shareholders in similar business areas [5].