Core Viewpoint - Jiangsu Xingji Intelligent Manufacturing Technology Co., Ltd. (referred to as "Xingji Intelligent Manufacturing") has had its application for listing on the Beijing Stock Exchange accepted, with Caitong Securities as the sponsor. The company plans to distribute a targeted cash dividend of 9.7 million yuan to its actual controller and related enterprises despite having negative retained earnings for three consecutive years, raising questions about the legality and governance of such actions [1][22][24]. Financial Performance - Xingji Intelligent Manufacturing's main business involves the research, production, and sales of intelligent cable equipment and digital smart factory solutions, with revenues showing a growth trend from 129 million yuan in 2022 to 236 million yuan in 2024 [2][23]. - The company reported net profits of 19 million yuan, 28 million yuan, and 47 million yuan for the years 2022, 2023, and 2024, respectively, indicating an overall upward trajectory in performance [2][23]. Dividend Distribution Concerns - The company decided to distribute dividends of 9.7 million yuan in February 2024, despite having negative retained earnings of -23.31 million yuan, -22.41 million yuan, and -5.80 million yuan at the end of 2022, 2023, and 2024, respectively [4][24][26]. - The distribution raised concerns regarding compliance with the Company Law, which stipulates that dividends can only be distributed from profits after covering losses and allocating statutory reserves [5][28]. Gross Margin Fluctuations - Xingji Intelligent Manufacturing's gross margin has shown significant volatility, with rates of 39.41%, 34.65%, 41.22%, and 43.71% for the years 2022 to 2025, respectively, compared to industry averages of 34.98%, 37.45%, 35.03%, and 36.35% [10][30]. - The company has provided varying explanations for its gross margin differences across three versions of its announcements, indicating potential inconsistencies in reporting [17][34]. Inventory Turnover and Export Revenue - The company's inventory turnover rates were significantly lower than industry averages, with rates of 0.70, 1.03, and 1.16 for the years 2022 to 2024, compared to an industry average of 1.84, 1.42, and 1.53 [19][42]. - However, export revenue has increased substantially, with figures of 23.67 million yuan, 23.10 million yuan, 90.92 million yuan, and 48.21 million yuan for the respective years, indicating a growing share of exports in total revenue [21][43].
星基智造IPO：未分配利润为负仍向实控人定向分红 毛利率大幅波动但三个版本解释各不相同
Xin Lang Cai Jing·2026-01-08 08:03