靠补贴扭亏？拓璞数控科创板夭折冲港股

Core Viewpoint - Shanghai Topway Numerical Control Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading supplier in the high-end intelligent manufacturing equipment sector, particularly in five-axis CNC machine tools for the aerospace industry [1][2]. Financial Performance - The company reported revenues of RMB 1.36 billion, RMB 3.35 billion, and RMB 5.32 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 97.9% [2]. - Net profits for the same periods were -RMB 1.97 billion, -RMB 623.4 million, and RMB 6.886 million, indicating a transition from losses to profitability in 2024 [2][4]. - In the first half of 2023, the company achieved revenue of RMB 4.45 billion, a year-on-year increase of 41.2%, with net profit soaring by 269.9% to RMB 940 million [3]. Customer Concentration - The company has a high customer concentration, with revenues from the top five customers accounting for 98.3%, 92.7%, and 79.5% of total revenue in the respective years of the reporting period [5]. Inventory and Delivery Issues - The company faces challenges related to inventory management, with inventory levels at RMB 4.44 billion, RMB 5.89 billion, and RMB 4.86 billion at the end of the reporting periods, representing 45.3%, 62.3%, and 65.4% of total current assets [7]. - The long delivery process has resulted in significant inventory turnover days of 916, 849, and 583 days, which may impact cash flow and profitability [7]. - The company has incurred penalties for delayed deliveries, including a RMB 8.1 million penalty in the 2023 fiscal year due to late delivery to a major client [6][7]. Government Subsidies - A significant portion of the company's net profit has been derived from government subsidies, which were RMB 19.3 million, RMB 22.3 million, and RMB 9.3 million over the reporting period [2].