臻宝科技IPO：实控人不寻常承诺暴露上市“虚脱”症状

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. (Zhenbao Technology) has made an unusual commitment regarding its IPO, promising to extend the lock-up period of its shares if net profit declines by more than 50% in any year within three years post-IPO, indicating concerns about the sustainability of its performance [2] Financial Performance - The net cash flow from operating activities for Zhenbao Technology from 2022 to 2024 was 93.22 million, -77.70 million, and 206 million respectively, with 2023 showing a negative cash flow primarily due to increased material procurement and labor costs [4] - The company's revenue and profit growth are accompanied by a significant increase in accounts receivable, which grew at a rate exceeding revenue growth, raising concerns about the authenticity of its performance [5] - Accounts receivable balances from 2022 to 2024 were 131 million, 183 million, and 223 million, representing 33.99%, 36.06%, and 35.19% of revenue respectively, indicating a high proportion compared to the industry average of 20%-25% [5] - The weighted average return on equity has declined from 28.92% to 17.1% over the past three years, reflecting decreasing profitability and operational efficiency [6] Research and Development - Zhenbao Technology's R&D investment is concerning, with R&D expenses accounting for only 8.36% of projected revenue in 2024, significantly below the 15% threshold for companies on the Sci-Tech Innovation Board [8] - R&D expenses from 2022 to 2024 were 18.19 million, 29.94 million, and 53.02 million, with the R&D intensity remaining below industry averages [8] Customer Concentration and Risks - The revenue concentration from the top five customers has decreased from 80.23% to 72.80%, but remains high, leading to longer accounts receivable recovery periods [6] - Concerns exist regarding the stability of the global semiconductor supply chain due to geopolitical uncertainties and trade restrictions, which could impact Zhenbao Technology's operations [9] Governance and Control - The company has a high concentration of control, with the actual controller Wang Bing holding 57.20% of voting rights, raising concerns about governance and potential conflicts of interest [10] - Wang Bing's family members and associated entities also hold significant stakes, which may lead to issues in protecting the interests of ordinary investors [10] Legal and Compliance Issues - Zhenbao Technology and its subsidiaries have faced administrative penalties for regulatory violations, indicating potential internal control weaknesses [12]