拓璞数控港股IPO：净利润与现金流倒挂 三年半银行贷款激增近33倍 联营公司为最大客户 关联交易是否公允？

Core Viewpoint - Shanghai Topu Numerical Control Technology Co., Ltd. (Topu Numerical Control) has submitted an updated prospectus for its IPO on the Hong Kong Stock Exchange, despite ongoing financial losses and significant operational challenges [1][2]. Financial Performance - Topu Numerical Control has experienced rapid revenue growth but remains in a loss position, with a cumulative net loss of 159 million yuan over the past three and a half years. As of June 30, the company reported an unremitted loss of 373 million yuan [2][11]. - The company's revenue for the reporting periods was 136 million yuan, 335 million yuan, 532 million yuan, and 445 million yuan, with net profits of -197 million yuan, -62.34 million yuan, 6.886 million yuan, and 94.154 million yuan, indicating a trend of narrowing losses and projected profitability starting in 2024 [8][9]. - The operating cash flow has shown a negative trend, with a cumulative net outflow of 427 million yuan, significantly exceeding the total net loss during the same period [12]. Financial Health - As of June 30, the company had cash and cash equivalents of 111 million yuan, a decrease of 67.86% from the end of 2022, and bank loans amounting to 251 million yuan, which surged 32.8 times compared to the previous year, indicating high debt repayment risk [12][2]. - The asset-liability ratio was reported at 88.83%, 88.10%, 82.82%, and 69.79% over the reporting periods, significantly higher than the industry average [12]. Business Operations - Topu Numerical Control's customer base is highly concentrated, primarily serving state-owned enterprises in the aerospace sector, which leads to high accounts receivable and inventory levels, increasing the risk of impairment [2][13]. - The company has strategically shifted towards private clients to mitigate risks associated with long payment cycles from state-owned enterprises, with revenue from state-owned clients dropping to 29.4% in the first half of 2025 [15]. Market Position - In 2024, Topu Numerical Control ranked first in the Chinese aerospace five-axis CNC machine tool market with a market share of 11.6%, and fifth among all suppliers in the five-axis CNC machine tool market with a share of 4.3% [3]. - The company has completed eight rounds of financing since October 2010, raising a total of 630 million yuan, with a post-investment valuation of approximately 5.9 billion yuan [3]. Management and Governance - The founder, Wang Yuhan, controls 38.7% of the voting rights through an employee stock ownership platform and serves as the chairman and general manager, while his nephew, Wang Jinsen, is the company secretary [3]. - The company has faced scrutiny regarding its ongoing operational capabilities, which may hinder its IPO process [5].