富了方丈穷了庙，产能闲置来圈钱，荣鹏股份IPO：行业寒冬，毛利奇高，是何道理？

Core Viewpoint - The company, Rongpeng Co., Ltd., is facing growth challenges and is eager to realize profits, primarily relying on the ODM model for its pneumatic tools business, which limits its growth potential and profitability [1][48]. Industry Overview - The pneumatic tools industry, also known as air-powered tools, is essential across various sectors such as automotive aftermarket, construction, and furniture manufacturing, with a global market size exceeding $10 billion [3][50]. - The production of pneumatic tools is mainly concentrated in developing countries like China, while distribution channels are predominantly controlled by companies in Europe and the U.S. [4][51]. - Despite being a major manufacturer of pneumatic tools, China's industry is largely characterized by small-scale enterprises operating under the OEM/ODM model, focusing on low-end markets, while high-end markets are dominated by international brands [5][52]. Company Profile - Rongpeng Co., Ltd. has undergone three rounds of inquiries as it prepares for its IPO, with a significant portion of its revenue derived from exports, particularly to markets in the U.S., Brazil, Russia, Canada, and Australia [5][52]. - In the first half of 2025, over 60% of the company's revenue came from overseas business, contributing nearly 80% to its gross profit [5][52]. - The company reported total revenue of 400 million yuan and a net profit of 38 million yuan for the first three quarters of 2025, although its growth rate is insufficient compared to 2021 levels [7][54]. Financial Performance - The company experienced a decline in performance in 2022 and 2023 due to weakened industry demand and inventory destocking by distributors, but sales began to recover as economic conditions improved [12][57]. - The gross profit margin increased significantly from 15.4% in 2021 to 25.3% in 2022, attributed to price increases and optimized product sales structure [12][60]. - The gross profit margin for 2023, 2024, and the first half of 2025 was reported at 27.5%, 27.6%, and 26.4%, respectively, indicating a competitive position compared to peers [17][18]. Market Dynamics - The company primarily serves as an ODM supplier, which inherently limits its growth potential and profit margins, as it lacks significant pricing power in the market [46][48]. - The top five customers contribute approximately 25% of the company's revenue, indicating a reliance on major clients and a business model focused on fast turnover rather than high margins [21][22]. - The company has been criticized for its low R&D investment, maintaining around 18 million yuan annually from 2021 to 2024, which is below the industry average [27][30]. Operational Challenges - The company has faced increasing accounts receivable and declining turnover rates, with a significant portion of its accounts receivable being overdue, indicating potential cash flow issues [34][36]. - Despite a high gross profit margin, the company is experiencing a cycle of price increases supporting margins while sales recovery remains slow, leading to extended payment cycles [46][47]. - The company has distributed over 60 million yuan in dividends from 2021 to 2023, raising concerns about its cash flow management amid tight liquidity [36][39].