天瞳威视港股IPO：上汽集团到底是关联方还是独立第三方？招股书前后表述矛盾可靠性有几分？

Core Viewpoint - Suzhou Tiantong Weishi Electronic Technology Co., Ltd. (Tiantong Weishi) has submitted an IPO application despite ongoing losses and a significant decline in profit margins, raising questions about its financial health and business strategy [1][10]. Financial Performance - Tiantong Weishi's revenue has shown rapid growth, with figures of 172 million, 204 million, 483 million, and 157 million RMB over the reporting periods, resulting in a compound annual growth rate of 67.7%. However, the company has incurred cumulative losses of approximately 284 million RMB [7][10]. - The company's net profit figures were -325 million, -231 million, -463 million, and -193 million RMB, with adjusted net profits of -188 million, -88 million, -4.38 million, and -4.17 million RMB [7][10]. - The operating cash flow has been negative, with net cash outflows totaling 320 million RMB over the reporting periods, indicating a reliance on equity financing and bank loans [9][10]. Research and Development - Tiantong Weishi's R&D expenses have significantly decreased, with rates of 108.7%, 51.8%, 24.3%, and 11.6% of total revenue, which are substantially lower than comparable companies [7][8]. - The company’s R&D expenses were 187 million, 106 million, 117 million, and 18.31 million RMB, reflecting a downward trend [7][8]. Profit Margins - The gross margin for L4-level business has declined sharply, with figures of 38.7%, 35.4%, 26%, and 22.3%, while L2-L2+ business margins have shown an upward trend [12][13]. - The gross margin for L2-L2+ solutions was 26.1%, 36.4%, 32.4%, and 47.8%, indicating a significant difference compared to L4-level solutions [12][13]. Customer Concentration - Tiantong Weishi has a high customer concentration, with the top five customers accounting for 73%, 91.4%, 44.6%, and 63.5% of revenue, raising concerns about dependency on a few clients [15][16]. - The largest customer, VinFast, saw a drastic revenue drop from 127 million RMB to 33.6 million RMB, indicating potential issues with customer retention and sustainability of revenue streams [16][19]. Strategic Partnerships - The company has established strategic alliances with major players like ZF Friedrichshafen and SAIC Motor, which have facilitated its growth and market entry [5][10]. - Tiantong Weishi's collaboration with ZF has led to the delivery of approximately 39 vehicle solutions, leveraging ZF's engineering experience and global market resources [5][10]. Governance and Management - The founder, Wang Xi, holds a significant stake of 28.39% directly and controls an additional 13.22% through employee stock ownership platforms, totaling approximately 41.61% [2][3]. - Despite the company's continuous losses, Wang Xi's compensation has increased over the years, raising questions about governance and management priorities [3][10].