邦泽创科IPO的“债务膨胀术”：5000万元拿地，转手换6亿贷款？

Core Viewpoint - Guangdong Banzhe Chuangke Electric Co., Ltd. is applying for an IPO on the Beijing Stock Exchange, focusing on the production and sales of office equipment, with significant revenue derived from North America and Europe, particularly over 50% from North America, indicating exposure to international trade policy risks [1][6]. Financial Performance - In 2022 and 2023, the company experienced explosive growth in net profit, with increases of 97.41% and 1407.06% respectively, despite revenue growth rates of -8.4% and 9.08% [1][6]. - For 2024, revenue is projected to grow by 29.25%, while net profit growth is expected to be 37.45%. However, the company is facing growth pressures, with 2025 revenue expected to increase by 16.57% to 20.55%, but the lower limit for net profit growth is only 1.72%, indicating potential stagnation [1][2][6]. Loan and Asset Management - In August 2025, the company announced plans to secure a project loan of up to RMB 600 million, using its property in Dongguan as collateral, which was acquired for over RMB 50 million [3][8]. - The land use right for the property is industrial, covering an area of 33,218.39 square meters, and the company aims to leverage this asset to significantly increase its financial capacity, demonstrating a "debt expansion technique" that multiplies the land's value by over ten times [4][9].