IPO雷达｜臻驱科技营收飙升反增亏，利息支出“吞噬”利润，九成收入靠前五大客户

Core Viewpoint - Zhenqu Technology (Shanghai) Co., Ltd. has submitted its listing application, with significant revenue growth but increasing losses and soaring interest expenses [1][6][8]. Group 1: Company Overview - Zhenqu Technology is a technology-driven supplier of electric control solutions primarily targeting the new energy vehicle sector [3]. - The company ranks eighth in motor controllers, third in dual motor controllers, second in main drive power bricks, and first in dual motor controller power bricks based on installation volume as of the first three quarters of 2025 [5]. Group 2: Financial Performance - Revenue for the years 2023, 2024, and the first three quarters of 2025 was RMB 160 million, RMB 1.159 billion, and RMB 1.217 billion, respectively, while losses were RMB 237 million, RMB 335 million, and RMB 257 million [6][8]. - Revenue increased by 85% year-on-year in the first three quarters of 2025, but losses also rose by 20% during the same period [8]. Group 3: Cost Structure - The financial costs have shown a significant upward trend, with total financial costs of RMB 5.46 million, RMB 16.48 million, and RMB 37.88 million during the respective reporting periods [8][9]. - Interest expenses on bank loans surged from RMB 8.35 million to RMB 32.01 million in the first three quarters of 2025 compared to the previous year [8][9]. Group 4: Customer and Supplier Dynamics - The company derives over 90% of its revenue from its top five customers, with the largest customer contributing 63.1% of revenue in the first three quarters of 2025 [10][11]. - The company has a significant reliance on a few key suppliers, with the top five suppliers accounting for 66.2%, 59.2%, and 48.5% of total purchases in the respective reporting periods [12]. Group 5: Production and Inventory Management - A substantial portion of production relies on third-party manufacturers, which poses risks related to quality standards and delivery timelines [14]. - Inventory levels were reported at RMB 191 million, RMB 471 million, and RMB 494 million during the respective reporting periods, indicating a need for accurate demand forecasting to avoid imbalances [14].