Sou Hu Cai Jing·2025-12-18 03:33Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has received approval for its IPO application on the ChiNext board after multiple attempts, raising concerns about its management changes, reliance on major clients, and sustainability of growth [2][3][7]. Company Background - Shangshui Intelligent specializes in manufacturing intelligent equipment for new energy battery electrode production and new material preparation [2][7]. - The company has faced several challenges in its IPO journey, including a failed backdoor listing attempt in 2021 and a retraction of its Sci-Tech Innovation Board application in 2023 [3][6]. IPO Details - The company plans to raise 587 million yuan, a decrease of 41.42% from its previous target of 1 billion yuan [3]. - Key projects have seen significant budget cuts, including the construction of a manufacturing base and a research center [3]. Financial Position - As of mid-2025, Shangshui Intelligent reported cash reserves of 187 million yuan and accounts receivable of 123 million yuan, indicating a relatively strong financial position [4]. - Despite a 34.9% decline in net profit in 2024, the company has continued to distribute dividends, totaling 24.16 million yuan over two years [4]. Management Changes - The company has experienced significant turnover in its management team, including the recent departure of a vice president shortly after the IPO application was accepted [5][6]. - Founders have exited the company due to disagreements about its future, leading to instability in leadership [6]. Customer Concentration Risk - Shangshui Intelligent's revenue is heavily dependent on a few major clients, particularly BYD, which accounted for a significant portion of sales during the reporting period [9]. - BYD is not only the largest customer but also a significant shareholder, raising concerns about the implications of this relationship for the company's future [9][10]. Performance Metrics - The company reported revenues of 397 million yuan, 601 million yuan, 637 million yuan, and 398 million yuan for the years 2022 to 2025, with a compound annual growth rate of approximately 26.71% [7]. - The proportion of profits derived from tax incentives has been notable, with nearly one-third of profits in 2023 coming from tax reductions [8].