IPO雷达丨芬尼股份北交所IPO获受理，ODM订单下滑，净利润两年连降，存货应收账款双高

Core Viewpoint - Guangdong Finney Technology Co., Ltd. (Finney) has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise a total of 850 million yuan [1] Company Overview - Finney was established in 2011 and transformed into a joint-stock company in 2015, headquartered in Nansha District, Guangzhou [4] - The company focuses on the heat pump industry, primarily engaged in the R&D, production, sales, and service of air source heat pumps and related products, applicable in heating, hot water, and drying scenarios [4] Financial Performance - Revenue from 2022 to June 2025: 1.863 billion yuan, 1.580 billion yuan, 1.419 billion yuan, and 680 million yuan respectively [4] - Net profit attributable to the parent company for the same period: 184 million yuan, 149 million yuan, 105 million yuan, and 59 million yuan respectively [4] - Non-recurring net profit figures: 178 million yuan, 139 million yuan, 101 million yuan, and 51 million yuan, indicating a continuous decline over two years [4] - Gross margin maintained above 30%, with figures of 30.79%, 33.02%, 32.83%, and 33.18% across the reporting periods [4] - As of June 2025, total assets were 1.316 billion yuan, with equity attributable to the parent company at 923 million yuan and a debt-to-asset ratio of 32.92%, up from 27.72% at the end of 2022 [4] - Positive cash flow with a net cash flow from operating activities of 129 million yuan in the first half of 2025, equating to 1.26 yuan per share, which is 2.2 times the net profit for the same period [4] Sales and Market Strategy - A significant portion of Finney's sales comes from overseas, primarily through the ODM model, with sales figures of 1.224 billion yuan, 811 million yuan, 806 million yuan, and 418 million yuan during the reporting periods, representing 65.86%, 51.54%, 57.24%, and 61.81% of main business revenue respectively [5] - Major clients include international brands such as HAYWARD, FLUIDRA, and EVO [5] Inventory and Receivables - High levels of inventory and accounts receivable, with inventory values of 314 million yuan, 237 million yuan, 267 million yuan, and 210 million yuan, accounting for nearly 30% of current assets [5] - Accounts receivable values were 88.2 million yuan, 181 million yuan, 199 million yuan, and 180 million yuan across the reporting periods [5] Risks and Challenges - Fluctuations in raw material prices significantly impact costs, with direct material costs exceeding 74% of main business costs [6] - Potential changes in tax incentives for high-tech enterprises could directly affect net profits [6] - The company has developed proprietary technologies in key areas, but there is a risk of failure in new product development impacting profitability [6] - The global heat pump market is influenced by macroeconomic conditions, international trade tensions, exchange rate fluctuations, and changes in overseas subsidy policies [6]