新思考港股IPO：股权激励认购价格极低且四年未变 关连销售额大增毛利率却下滑 警惕变相资金占用

Core Viewpoint - New Thinking Motor Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, with concerns regarding the independence of its underwriters and potential conflicts of interest due to its ties with major clients and suppliers [1][2]. Group 1: Company Overview - New Thinking Motor, established in 2014, is a leading manufacturer of micro precision motors, particularly known for its development of the first mobile phone voice coil motor in 1994 [1]. - The company has undergone multiple rounds of financing from December 2018 to January 2023, raising a total of 655 million yuan, with a post-investment valuation of 2.4 billion yuan [2]. Group 2: Shareholding and Management - The actual controller of New Thinking is Cai Rongjun, who holds a combined 56.97% stake through direct and indirect ownership [2]. - The board consists of seven members, including Cai Rongjun as the non-executive chairman and Cai Zhenpeng as the executive vice chairman and CEO [3]. Group 3: Equity Incentive Plans - New Thinking has implemented three equity incentive plans since December 2020, granting a total of 3.8225 million shares at a fixed price of 3.93 yuan per share, significantly lower than historical financing prices [3]. - The pricing of these equity incentives is only 41.5% of the lowest historical price and 17.49% of the highest, raising concerns about potential benefit transfers [3]. Group 4: Financial Performance - In 2023, 2024, and the first three quarters of 2025, New Thinking reported revenues of 855 million yuan, 1.565 billion yuan, and 1.457 billion yuan, respectively, with net profits of -30 million yuan, 105 million yuan, and 97 million yuan [6]. - The company's gross margin has declined from 16.4% to 16.1% during the same period, with specific product lines experiencing significant margin drops [6]. Group 5: Customer Concentration and Risks - New Thinking's revenue is highly concentrated, with the top five customers accounting for over 88% of total revenue, leading to potential pricing and negotiation disadvantages [7]. - The company has a significant reliance on Oufei Light, which has been its largest customer, contributing 37.9% to 29.1% of total revenue across the reported years [7]. Group 6: Accounts Receivable and Financial Concerns - New Thinking's accounts receivable have increased by 137.89% over the reporting periods, with days sales outstanding exceeding 127 days, indicating potential liquidity issues [8][9]. - The accounts receivable from Oufei Light have also seen substantial growth, raising concerns about financial support to shareholders and related parties through operational funding [9].