纳真科技IPO前半数净利用于分红、多项合规问题被关注 主业毛利率大幅下滑、关联交易延续|CPO融资潮

Core Viewpoint - The capital market is witnessing a surge in interest in the optical communication industry, driven by the demand for AI computing power, with companies like Nazhen Technology experiencing significant growth and challenges as they prepare for an IPO in Hong Kong [1][4]. Company Overview - Nazhen Technology, a supplier of optical communication and connection solutions, has seen its revenue grow significantly, achieving 4.216 billion in revenue in the first half of the year, a 124% increase year-on-year, and a net profit of 510 million, marking a turnaround from previous losses [4][11]. - The company's gross margin remains below 20%, which is notably lower than peers like Guangxun Technology and Zhongji Xuchuang [4][6]. Financial Performance - The revenue from Nazhen Technology's data communication solutions has shown a rising trend, accounting for 77.9% of total revenue in the first half of 2025, although the gross margin for this segment has been declining, from 31.2% in 2022 to 22.6% in 2025 [6][11]. - The company has distributed dividends totaling 5.42 billion, which is nearly half of its net profit of 12.44 billion from 2022 to the first half of 2025, with a dividend payout ratio reaching 68% during the high-growth period [2][11][12]. Customer Concentration and Related Transactions - Nazhen Technology's top five customers accounted for over 59.6% of total revenue in recent years, indicating a rising customer concentration risk [7][11]. - The company has ongoing related transactions with its controlling shareholder, Hisense Group, involving procurement, sales, and various services, which raises concerns about the sustainability of its business model [8][11]. IPO and Regulatory Scrutiny - Nazhen Technology submitted its IPO application to the Hong Kong Stock Exchange, planning to use the raised funds for product development, capacity expansion, and market promotion [9][11]. - The regulatory body has raised concerns regarding the company's offshore structure, related party transactions, and compliance with various legal requirements, particularly in light of ongoing litigation involving Hisense Group [3][13].