维通利IPO过会，公司两度“易主”

Core Viewpoint - The IPO application of Beijing Weitongli Electric Co., Ltd. has been approved, raising concerns about its financial disclosures and operational risks, particularly regarding accounts receivable and inventory management [3][6]. Company Overview - Weitongli is a family-owned enterprise established in October 2003, originally named Beijing People's Electric Investment Co., Ltd. It was renamed in April 2010 [3]. - The company has undergone two changes in control, first with Li Yongli gaining full ownership in June 2007, followed by the Huang Haoyun family taking over in December 2008 [4]. Financial Performance - As of June 2025, Weitongli's accounts receivable exceeded 1 billion yuan, with a significant increase from 554 million yuan in 2022 to 1 billion yuan in 2024, representing 42% of revenue [7]. - The company's operating cash flow has been under pressure, with net cash flow figures of 60 million yuan, 163 million yuan, and 103 million yuan from 2022 to 2024, and a negative cash flow of -43 million yuan as of June 2025 [8]. Risks and Concerns - Weitongli faces risks related to declining gross margins on its main products, high accounts receivable, and inventory backlog [3]. - The company has not separately disclosed the scale and transfer of its "Di Chain" financing, which may hinder investors' ability to assess its liquidity [6]. Shareholding Structure - Huang Haoyun holds a direct stake of 56.57% in Weitongli and controls 68.33% of voting rights through five companies [5]. - The Huang family members hold between 0.96% and 4.81% of shares in the company [5]. Investment Agreements - Huang Haoyun has entered into a listing performance agreement with several investment institutions, stipulating that if the IPO is not completed by December 31, 2027, he may be required to repurchase shares at a specified return rate [5].