新涛智控IPO：盈利连降两年还裁员 实控人拿走巨额分红 前五大客户收入占比约是同行4倍却称具有行业必然性

Core Viewpoint - Zhejiang Xintao Intelligent Control Technology Co., Ltd. has submitted an application for listing on the Beijing Stock Exchange, shifting from its original plan for an IPO on the ChiNext board due to consecutive declines in net profit and revenue [1][18]. Financial Performance - The company reported revenues of 405 million yuan, 379 million yuan, 352 million yuan, and 174 million yuan for the years 2022 to 2025 (first half), with net profits of 52 million yuan, 40 million yuan, 32 million yuan, and 19 million yuan respectively [10][28]. - Revenue and net profit have declined for two consecutive years, with year-on-year decreases of 6.46% and 6.95% in revenue, and 22.67% and 19.26% in net profit for 2023 and 2024 [10][28]. Dividend Distribution - Despite the decline in profitability, the company distributed a total of 61 million yuan in dividends during the reporting period, with a significant portion benefiting the actual controllers of the company [11][29]. Employee Reduction - The company has reduced its workforce by over 10% over the past two years, with employee numbers decreasing from 757 to 665 [12][30]. Accounts Receivable - Xintao Intelligent Control has the highest accounts receivable as a percentage of revenue compared to its peers, with 41.82% in 2024, significantly higher than the average of 20.48% among comparable companies [13][37]. - The accounts receivable turnover rate is the lowest among peers, recorded at 2.32 times for 2024, compared to an average of 4.36 times [32][35]. Customer Concentration - The company relies heavily on a few major clients, with sales to the top five customers accounting for approximately 78.94% of total revenue in 2024, which is about four times higher than its peers [15][37]. - The company claims that its high customer concentration is a result of industry characteristics and strategic focus, although this assertion is questioned in light of the data [16][37]. Corporate History and Challenges - Xintao Intelligent Control has faced challenges in its capital journey, including two failed attempts to meet IPO conditions tied to external investment agreements, leading to a significant reduction in registered capital from 54 million yuan to 44 million yuan [20][19]. - The company has changed its listing board and underwriting firm, moving from Fengzheng Securities to Bohai Securities, citing strategic adjustments [22][21].