尚水智能关联交易数据存疑，报告期内多名高管发生人事变动

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is applying for an IPO, focusing on micro-nano powder processing and intelligent equipment for new energy battery and new material manufacturing [1]. Group 1: Business Overview - The company specializes in micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, serving industries such as new energy batteries, new materials, chemicals, and semiconductors [1]. - The company has a close relationship with Bozhong Precision Engineering, with its vice chairman serving as the chairman and general manager of Bozhong [1]. Group 2: Financial Transactions - In 2024, Shangshui Intelligent reported only 610,600 CNY in sales to Bozhong, despite a confirmed transaction limit of 30 million CNY [1]. - Bozhong's 2024 annual report indicated a procurement amount of 555,900 CNY from Shangshui Intelligent, while the previous year's procurement was 8,417,557 CNY [3]. Group 3: Workforce and Costs - The number of production personnel decreased from 311 in 2023 to 305 in 2024, while direct labor costs increased by over 30% to 26,849,800 CNY [3]. - Direct material costs for 2024 were reported at 271,894,400 CNY, accounting for 83.29% of total costs, while direct labor costs represented 8.22% [4]. Group 4: Management Changes - The company experienced multiple management changes during the IPO preparation period, including the appointment and departure of key personnel [5]. - Notably, the board secretary and a vice president left the company for personal reasons, while new appointments were made to fill these roles [5]. Group 5: Infrastructure Development - The company held a groundbreaking ceremony for its new headquarters in Shenzhen on September 16, 2023, with a total area of 22,711.3 square meters and an expected completion date by the end of 2024 [10]. - The construction project is funded by the company and is aimed at establishing a high-precision intelligent equipment manufacturing base [6].