华锐精密定增 实控人“借钱”全额认购

Core Viewpoint - Huarui Precision Tool Co., Ltd. has successfully completed a private placement of shares, raising a net amount of 197 million yuan to supplement working capital and repay loans, while the company's performance shows growth in revenue and net profit since 2025, but underlying structural issues are concerning [1][4]. Group 1: Share Issuance and Control - The private placement was priced at 31.21 yuan per share, with a total of 6.4082 million shares issued, raising approximately 200 million yuan, and the actual net amount after fees was 197 million yuan [2]. - The controlling shareholder, Xiao Xukai, fully subscribed to the new shares, increasing his direct shareholding from 5.81% to 12.26%, making him the largest shareholder, while the overall control increased from 38.49% to 42.71% [2]. Group 2: Financial Performance - For the first three quarters of this year, Huarui Precision reported revenue of 771 million yuan, a year-on-year increase of 31.85%, and a non-recurring net profit of 136 million yuan, with a growth rate of 79.83% [4]. - The gross profit margin for the first three quarters was 39.52%, slightly down from 39.64% in the previous year, and significantly lower than 48.85% in 2022 and 45.47% in 2023 [4]. - The net cash flow from operating activities was 185 million yuan, a year-on-year increase of 3771.09%, attributed to increased cash receipts from sales and reduced cash payments for purchases [4]. Group 3: Accounts Receivable - Total assets for the first three quarters amounted to 2.752 billion yuan, with current assets at 1.436 billion yuan, accounting for approximately 52.18% of total assets [5]. - Accounts receivable reached 721 million yuan, a year-on-year increase of 32.64%, representing about 26.20% of total assets, which is close to the revenue for the same period [5].