拓璞数控冲击港股IPO，专注于五轴数控机床领域，经营性现金流为负

Core Viewpoint - Several companies from Shanghai, including Topu CNC, have submitted IPO applications to the Hong Kong Stock Exchange, with Topu CNC being a notable player in the high-end manufacturing sector [1]. Company Overview - Topu CNC, founded in May 2007, is headquartered in Minhang District, Shanghai, and was transformed into a joint-stock company in November 2016 [2]. - The company focuses on the research, design, production, and sales of high-end intelligent manufacturing equipment, particularly five-axis CNC machine tools, to meet the advanced manufacturing needs of China's aerospace sector [4]. Financial Performance - Topu CNC has raised approximately 630 million RMB in funding over the past few years, with major investors including Shanghai Yiding Investment and Dinghui Investment [3]. - The company's revenue has shown growth, with figures of 136 million RMB in 2022, 335 million RMB in 2023, and projected revenues of 532 million RMB in 2024 and 445 million RMB for the first half of 2025. Net profits transitioned from losses of 197 million RMB in 2022 to a profit of 6.9 million RMB in 2024 [9][10]. - The gross profit margin improved significantly from -18.3% in 2022 to 42.9% in the first half of 2025, indicating better cost management and sales performance [9]. Product Line and Market Position - Topu CNC's product line includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large-size carbon fiber composite five-axis machine tools [6]. - The aerospace intelligent manufacturing equipment accounted for 94% of the company's revenue in the first half of 2025, down from 97.5% in 2022, indicating diversification in revenue sources [11]. - The company holds a leading position in the Chinese aerospace five-axis CNC machine tool market with an 11.6% market share and ranks fifth among all suppliers in the five-axis CNC machine tool market with a 4.3% share [29]. Industry Context - The CNC machine tool market in China is projected to grow from 86.5 billion RMB in 2020 to 116.9 billion RMB by 2024, with a compound annual growth rate of 5.3% [27]. - The five-axis CNC machine tool market is expected to increase from 7 billion RMB in 2020 to 10.8 billion RMB by 2024, representing about 9.2% of the overall market [27]. - Domestic suppliers are expected to capture a larger share of the five-axis CNC machine tool market, increasing from 18% in 2020 to over 75% by 2029 [29]. Challenges - The company has faced challenges with cash flow, recording negative operating cash flows in recent years due to high inventory levels and reliance on state-owned enterprises, which have longer cash conversion cycles [16][14]. - The cash conversion cycle for sales to state-owned enterprises was significantly longer than for non-state enterprises, impacting the company's liquidity [14][15].