杰锋动力闯关北交所IPO 收入依赖大客户

Core Viewpoint - The company, JieFeng Automotive Power System Co., Ltd., has submitted a prospectus for an initial public offering (IPO) on the Beijing Stock Exchange, aiming to raise capital while facing high customer concentration risks due to reliance on major clients [1][4]. Group 1: Company Overview - JieFeng specializes in the research, design, production, and sales of core components for automotive exhaust and power systems, primarily supplying directly to vehicle manufacturers [2]. - The company has received regulatory approval from Anhui Securities Regulatory Bureau for its IPO process and has disclosed its prospectus on the Beijing Stock Exchange [2][3]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were reported as 1.063 billion, 1.707 billion, 2.1 billion, and 1.666 billion yuan respectively, with net profits of 55.87 million, 131 million, 145 million, and 87.48 million yuan [3]. - The sales revenue from the top five customers accounted for 93.70%, 94.85%, 96.26%, and 95.81% of total revenue for the same periods, indicating a high dependency on a limited customer base [4]. Group 3: Customer Concentration Risks - The first major client, Chery Automobile, represented 59.87%, 71.65%, 71.83%, and 69.59% of sales in the respective years, highlighting the risk associated with customer concentration [4]. - The company acknowledges that if it fails to meet the quality and supply demands of its major clients, or if these clients experience significant downturns, it could adversely affect its operational performance [4]. Group 4: Market Conditions and Competition - The company's products are closely tied to the overall health of the automotive industry, and a downturn could lead to reduced order volumes from clients [5]. - The rise of electric vehicles and increased competition in the automotive market may pressure the company’s product demand and pricing, potentially impacting its financial performance [5]. Group 5: Regulatory Compliance - During its listing period, the company has not faced administrative penalties from the China Securities Regulatory Commission but has received a warning letter due to accounting errors [6][7]. - The company has completed necessary rectifications before the initial public offering audit deadline [7].