Xin Lang Cai Jing·2025-11-24 12:38Core Viewpoint - Beijing Zhizhen Technology Co., Ltd. has responded to the Shenzhen Stock Exchange's inquiries regarding customer concentration, outsourced services, and gross margin fluctuations, revealing a significant reliance on its largest customer, China Mobile, which is consistent with industry norms [1][2]. Customer Concentration - The revenue contribution from the top five customers of Zhizhen Technology was 89.34%, 90.73%, 89.92%, and 86.70% during the reporting period, with China Mobile accounting for 78.24%, 83.04%, 80.01%, and 60.49% respectively, indicating a notably high customer concentration compared to industry averages [2][3]. - The high customer concentration is attributed to the oligopolistic structure of the telecommunications industry in China, dominated by China Mobile, China Telecom, and China Unicom, with comparable companies like AsiaInfo Technology also exhibiting similar customer concentration [2]. Outsourced Services - The proportion of outsourced services exceeded 90%, primarily for auxiliary tasks, with amounts of 167.73 million, 172.64 million, 114.27 million, and 75.31 million yuan, representing 92.84%, 95.98%, 93.09%, and 94.84% of total procurement [3]. - The company clarified that outsourced services mainly include low-technical tasks such as software testing and operational support, while core business functions remain handled by in-house teams, indicating no core business outsourcing [3]. Gross Margin Fluctuations - The overall gross margin showed a fluctuating upward trend, recorded at 54.69%, 62.93%, 62.84%, and 55.83%, driven by an increase in high-margin software development business, which achieved a gross margin of 74.36% in 2023, up by 4.73 percentage points from 2022 [4]. - Research and development (R&D) expense ratios from 2022 to 2024 were 29.52%, 34.72%, and 34.01%, which are higher than those of peers like Si Tech and Baoland, indicating a strong commitment to R&D [4]. Performance Volatility - The company's performance has shown volatility post-listing, with a net profit of -48.74 million yuan for the first nine months of 2025, primarily due to cost-cutting policies from telecom operators [5]. - The company is addressing these challenges through a dual-drive strategy, focusing on deepening its market presence with telecom operators and expanding into new business areas such as computing networks and satellite internet [5]. Fundraising Projects - The company plans to raise 661.89 million yuan for projects including OSS product R&D and intelligent scheduling systems, with a warning that these projects may further increase customer concentration as the primary target customers remain telecom operators [6][7]. - To mitigate this risk, the company aims to innovate and expand its customer base beyond telecom operators, having made progress in satellite internet and heterogeneous computing scheduling [7].