天海电子主板IPO过会，公司经营业绩可持续性等遭追问

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. has received approval for its main board IPO, aiming to raise approximately 2.46 billion yuan [1] Group 1: Company Overview - Tianhai Electronics specializes in the research, production, and sales of automotive components, including wiring harnesses, connectors, and electronics, primarily for new energy vehicles and traditional fuel vehicles [1] - The company’s IPO was accepted on June 26, 2025, and entered the inquiry phase on July 10 of the same year [1] Group 2: Financial Aspects - The company plans to raise around 2.46 billion yuan through its IPO [1] - The listing committee has requested the company to explain the reasons and rationality behind the decline in gross profit margin despite an increase in main business revenue, particularly in light of rising raw material prices, especially copper [1] - The committee also seeks clarification on the reasons for the slowdown in operating performance growth, considering market competition, industry development, and existing orders [1] Group 3: Cash Flow and Future Projections - The listing committee has asked the company to address the significant discrepancies between the net operating cash flow for the first three quarters of 2024 and the full year, as well as the reasons for substantial year-on-year changes in operating cash flow for January to September 2025 [1]