信胜科技IPO：公司自我制造内控风险 募投项目必要性存疑

Core Viewpoint - Xinxing Technology Co., Ltd. is set to undergo its initial public offering (IPO) review on January 16, 2026, by the Beijing Stock Exchange, highlighting its growth potential in the computer embroidery machine industry [1]. Company Overview - Xinxing Technology specializes in the research, production, and sales of computer embroidery machines, recognized as a leading enterprise in China’s embroidery machine sector with a strong brand history and core technology [3]. - The company is classified as a "little giant" enterprise by the Ministry of Industry and Information Technology, indicating its specialized and innovative capabilities [3]. - The company is family-controlled, with Xinxing Holdings owning 47.62% of the shares, and the actual controllers, Wang Haijiang and Yao Xiaoyan, holding a combined 99.05% voting rights [3]. Financial Performance - The company has shown significant revenue growth, with main business revenues of 570.20 million yuan, 666.22 million yuan, 992.11 million yuan, and 636.57 million yuan over the reporting periods [5]. - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 50.16 million yuan, 51.80 million yuan, 117.53 million yuan, and 86.43 million yuan, indicating a positive growth trend [5]. Financial Metrics - Total assets increased from 618.49 million yuan in 2022 to 1.20 billion yuan by June 30, 2025 [6]. - The company’s equity attributable to shareholders rose from 302.14 million yuan in 2022 to 514.39 million yuan in 2025 [6]. - The debt-to-asset ratio for the parent company was 55.06% as of June 30, 2025, showing a slight increase from previous years [6]. IPO Fund Utilization - The company plans to raise 449.53 million yuan through the IPO, with significant allocations for projects such as the construction of 11,000 embroidery machine frames and 330,000 sets of machine parts [9][10]. - The necessity of certain projects, particularly the 5,000 million yuan for working capital, has been questioned due to the company's existing cash reserves and previous dividend distributions totaling 73.50 million yuan over three years [11]. Operational Concerns - The company faces internal control risks due to low ownership stakes in its subsidiaries, which could lead to management issues [7]. - The company’s workforce has a low educational background, with 91.06% of employees holding a diploma or lower, raising concerns about the company’s long-term development potential [15].