维通利七次被行政处罚内控有效性遭疑 黄浩云绝对控股下三年半关联采购1.28亿

Core Viewpoint - Beijing Weitongli Electric Co., Ltd. (hereinafter referred to as "Weitongli") is preparing for its IPO on the Shenzhen Stock Exchange, benefiting from the growth of the new energy sector, but faces challenges such as fluctuating gross margins, rising accounts receivable, and inventory levels, along with governance issues related to concentrated ownership and significant related-party transactions [1][2][6]. Financial Performance - Weitongli's revenue from 2022 to the first half of 2025 was reported as 1.437 billion, 1.699 billion, 2.39 billion, and 1.41 billion respectively, with net profits attributable to the parent company of 114 million, 187 million, 271 million, and 139 million respectively [3] - In the first nine months of 2025, Weitongli achieved a revenue of 2.212 billion, a year-on-year increase of 32.73%, with net profits growing by 10% and 12.9% for attributable and non-recurring profits respectively [3] - The gross margin for Weitongli's main business from 2022 to the first half of 2025 was 22.28%, 24.76%, 25.12%, and 21.78%, indicating significant fluctuations [3] Accounts Receivable and Inventory - As of June 2025, Weitongli's accounts receivable amounted to 1.042 billion and inventory was valued at 420 million, making up 48.99% and 19.76% of current assets respectively, totaling 1.462 billion, which accounted for 68.75% of current assets and 51.14% of total assets [4] Ownership Structure and Governance - The ownership of Weitongli is highly concentrated, with Huang Haoyun and his family controlling 68.33% of the voting rights, and together with their concerted actions, they control 85.51% of the voting rights [1][6][7] - The company has engaged in significant related-party transactions, with approximately 128 million in procurement transactions with enterprises controlled by Huang Haoyun from 2022 to the first half of 2025 [8] Regulatory Concerns - Weitongli has faced seven administrative penalties in the past two and a half years, covering various areas such as statistics, environmental protection, fire safety, customs, and production safety, raising concerns about the effectiveness of its internal controls [1][9]