富士达高度依赖代工外销收入占72% 辛建生夫妇持股95%IPO前获分红1.76亿

Core Viewpoint - Tianjin Fushida Bicycle Industrial Co., Ltd. (Fushida) has submitted an IPO application to the Shanghai Stock Exchange, aiming to raise funds for various projects despite experiencing fluctuating financial performance and increasing accounts receivable [2][10]. Group 1: Company Overview - Fushida specializes in the research, design, production, and sales of bicycles, electric bicycles, and shared bicycles, with a production capacity of 7 million bicycles annually [3][4]. - The company ranks among the top three in bicycle sales in mainland China for three consecutive years [2][4]. - Fushida's products are sold in nearly 100 countries, serving well-known brands like Specialized, Decathlon, and Panasonic, as well as shared bicycle operators like Hello and Meituan [3][4]. Group 2: Financial Performance - Fushida's revenue for the years 2022 to 2025 (first half) was approximately 43.71 billion, 36.21 billion, 48.8 billion, and 25.92 billion respectively, with a notable 17.15% decline in 2023 and a 34.77% increase in 2024 [4][5]. - The net profit attributable to shareholders for the same periods was 3.48 billion, 2.85 billion, 4.08 billion, and 1.95 billion, reflecting an 18.14% decrease in 2023 and a 43.30% increase in 2024 [4][5]. - Accounts receivable surged to 12.75 billion by mid-2025, representing 49.19% of revenue, with a 53.99% increase from the beginning of the year [5][6]. Group 3: Market Dependency and Risks - Fushida relies heavily on overseas markets, with 70% of its revenue coming from international sales, which poses risks related to currency fluctuations and international trade policies [6][7]. - The top five customers contribute nearly half of Fushida's revenue, indicating a high customer concentration risk [7][8]. - The company has faced challenges in the shared bicycle market, with production utilization dropping to 19.7% in 2022 due to external factors [8]. Group 4: IPO and Fundraising - Fushida plans to raise 7.73 billion through its IPO, targeting investments in electric bicycles, smart manufacturing, and brand development [10][11]. - Despite a solid financial position, with a debt ratio of 42.12% and cash and financial products totaling 17.55 billion, the company seeks additional funds for growth [11][12]. - The actual controllers of Fushida hold 94.96% of the shares, raising concerns about governance risks [12][13].