Core Viewpoint - Rongxin Huike Electric Co., Ltd. is making a second attempt to go public on the Sci-Tech Innovation Board, increasing its fundraising target from 600 million to 977 million yuan, despite ongoing issues with revenue volatility and customer concentration [1][2]. Financial Performance - From 2018 to 2020, Rongxin Huike's revenue was 68.03 million, 236 million, and 807 million yuan, with net profits of -44.87 million, 12.99 million, and 83.19 million yuan respectively. For the period from 2022 to the first half of 2025, revenues were 1.942 billion, 233 million, 508 million, and 234 million yuan, with net profits of 182 million, -56.28 million, 35.42 million, and -5.37 million yuan, indicating alternating profit and loss [5][6]. Customer Concentration - The company has a high customer concentration, with the top five clients contributing 96.55%, 70.84%, 71.27%, and 92.96% of total revenue from 2022 to the first half of 2025. This raises concerns about customer stability as the primary clients vary across periods [7]. Inventory and Cash Flow - As of the end of the reporting periods, the company's inventory was valued at 400 million, 747 million, 1.173 billion, and 1.704 billion yuan, representing 70.09% of current assets and 60.52% of total assets by mid-2025. The net cash flow from operating activities totaled -397 million yuan over the reporting periods [6][8]. Regulatory Issues - After withdrawing its previous IPO application, the company received a warning from the Shanghai Stock Exchange for failing to timely report the detention of its actual controller, which raises concerns about its compliance and governance practices [3][4].
荣信汇科盈亏交替二闯IPO临考 客户集中存货17亿占总资产60%
Chang Jiang Shang Bao·2025-12-01 01:08