Core Viewpoint - The company, Jingqiang Technology, is preparing for a second IPO attempt after previously withdrawing its application due to significant financial concerns, including volatile profits and negative cash flow [1][2][3] Financial Performance - In 2021, the company's net profit was 91 million, but it plummeted by 54.8% to 52 million in 2022, with non-recurring net profit dropping from 79 million to 36 million [1] - The company has reported negative cash flow from operating activities for seven consecutive years, with figures ranging from -39.96 million in 2018 to -163 million in 2024 [1] Market Concerns - The company has a significantly higher gross margin compared to industry peers, yet its R&D personnel accounted for less than 10% as of June 30, 2021, raising questions about its innovation capabilities [1] - The authenticity of overseas sales is under scrutiny, with 2024 overseas revenue reported at 235 million, a year-on-year increase of 80.5%, but concerns exist regarding the nature of its major clients being traders [2] Supplier Issues - The company's largest supplier, Xiamen Guomao, has shifted away from a long-term supply model, causing its procurement share to drop from 47% to approximately 13% [2] - A new supplier, Shanghai Jituo, has been introduced, with a procurement amount of 528 million in 2024, raising questions about the stability and reliability of the supply chain [2] Corporate Actions - Prior to its IPO application, the company distributed a substantial dividend of 64.67 million, while simultaneously seeking to raise 100 million for liquidity, leading to skepticism about its motives for going public [2] - The company faces increasing scrutiny in a competitive environment, and its ability to address financial concerns and restructure its profit model will be critical for its second IPO attempt [3]
兢强科技IPO：“闪电合作”供应商疑点重重 境外销售真实性待考
Xin Lang Zheng Quan·2025-11-21 05:56