Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. (referred to as "Jiuan Intelligent") has received approval for its IPO application, with Shenwan Hongyuan as the sponsor. Despite achieving a net profit growth of 200% over the past two years, the company has not attracted external investors and has undergone a capital reduction, raising questions about its future prospects [1][30][31]. Financial Performance - Jiuan Intelligent's main business includes the production and sales of smart camera modules and related equipment, along with operational services such as data traffic packages and cloud storage. The company reported revenues of 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan for the years 2022-2024 and the first half of 2025, with corresponding net profits of 34 million yuan, 86 million yuan, 102 million yuan, and 45 million yuan. The revenue growth from 2022 to 2024 was 61%, and net profit increased nearly 200% [2][31][34]. Shareholder Structure - As of the disclosure date, the controlling shareholder and actual controller of Jiuan Intelligent is Li Yuan, who directly holds 66.04% of the shares and indirectly controls an additional 8.25%. The total shareholding before the IPO issuance is 74.29% [2][33]. Capital Reduction - In June 2023, Jiuan Intelligent experienced a capital reduction, decreasing its registered capital from 50 million yuan to 48.5 million yuan, with the exit price for the shareholder being 3.20 yuan per share, valuing the company at approximately 160 million yuan at that time. The estimated valuation for the IPO is around 4.256 billion yuan, reflecting a 25-fold increase from the previous valuation [5][34]. Employee Count and Cost Structure - Despite a significant increase in net profit of 150% and a revenue increase of 33% in 2023, Jiuan Intelligent's total employee count decreased from 485 at the end of 2022 to 424 at the end of 2023, representing a reduction of 12.58% [7][36]. This raises concerns about whether the company is maintaining profit growth through workforce reduction [35]. Expense Ratios - Jiuan Intelligent's expense ratios are significantly lower than those of comparable companies, with a period expense ratio of 16.03% in 2022, decreasing to 12.67% in 2024, which is about half of the average of its peers [9][39]. The company’s sales expense ratio, management expense ratio, and R&D expense ratio are all below the industry average [12][39]. R&D Investment - The R&D expense ratio for Jiuan Intelligent was 7.78% in 2022, 9.04% in 2023, and 5.92% in 2024, which is significantly lower than the average of comparable companies, indicating a potential risk to its innovation capabilities [43][44]. The average salary for R&D personnel at Jiuan Intelligent is also notably lower than that of its peers, raising questions about the adequacy of its investment in talent [47]. Profitability Concerns - Jiuan Intelligent has the lowest gross margin among its peers, with a gross margin of 24.58% in 2022, which is concerning given its low expense ratios. If the company’s expense ratios were to increase, its profitability could be severely impacted [23][49]. The company attributes its low gross margin to product structure and customer group differences [25][50].
九安智能IPO：期间费用率最低仅为同行一半左右 盈利激增150%年份减员12.6% 研发人员薪酬显著低于同行
Xin Lang Cai Jing·2025-12-31 06:40