森峰激光二次闯关A股：净利润连降、现金流告负，靠“重营销”能否撑起北交所IPO？

Core Viewpoint - Jinan Senfeng Laser Technology Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, marking its second attempt to go public after previously withdrawing its application in January 2025. The company's financial performance and profitability sustainability are under scrutiny due to fluctuations in revenue and profit during the reporting period from 2022 to the first half of 2025 [1][3]. Financial Performance - In 2024, the company's revenue is projected to decline by 2.50%, while the net profit attributable to shareholders is expected to decrease by 6.43%. The downward trend continues into 2025, with a projected net profit decline of 21.88% in the first three quarters [1][3]. - The expected net profit for 2025 is forecasted to decline slightly, ranging from -12.61% to -1.84% compared to the previous year [3]. Cash Flow and Receivables - The company's accounts receivable have increased significantly, from 62 million yuan in 2022 to 162 million yuan in 2024, outpacing revenue growth. This has led to negative net cash flow from operating activities, recorded at -10.39 million yuan in the first half of 2024 and -8.11 million yuan in the first half of 2025 [3][5]. - A widening gap between net cash flow from operating activities and net profit has emerged since 2024, indicating potential liquidity issues [3]. IPO Fund Utilization - The company aims to raise 352 million yuan through the IPO, with funds allocated for the second phase of its intelligent manufacturing project for laser processing equipment, national marketing network construction, and working capital supplementation, indicating a need for operational liquidity [5][6]. Business Structure and Market Competition - The company's business structure is characterized by a high proportion of international sales, which have consistently exceeded 60% of total revenue since 2020. However, the gross margin from international sales has declined from 37.51% in 2022 to 35.23% in the first half of 2025, reflecting increased competition in the international market [6][8]. - Domestic sales have also shown a declining trend, with the revenue share dropping from 34% in 2023 to 24.83% in the first half of 2025, and the gross margin decreasing from 21.18% in 2022 to 19.98% in 2025 [7][8]. R&D and Marketing Expenditure - The company has been allocating more resources to sales expenses compared to R&D, resulting in a higher sales expense ratio relative to industry peers, while its R&D expense ratio remains low [9][10]. - This "heavy marketing, light R&D" approach may help in short-term growth but diverges from the industry's emphasis on technology-driven development and innovation as a long-term growth strategy [9][11].