拓普泰克将上会：研发募资砍半，毛利率连降！

Core Viewpoint - The Beijing Stock Exchange has scheduled a meeting on January 23, 2026, to review the IPO application of Shenzhen Toptech Technology Co., Ltd. (Toptech) [1] Company Overview - Toptech was established in August 2007 and focuses on the research, production, and sales of smart controllers and smart products, which are widely used in consumer electronics, power tools, industrial automation, automotive electronics, and new energy sectors [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as TBEA, Zongheng Electromechanical, Goldwind Technology, and Dover [4] - The shareholding structure of Toptech is highly concentrated, with Huaxin Holdings owning 82.11% of the shares, making it the controlling shareholder [4] IPO Fundraising - Toptech plans to raise 359 million yuan for expansion projects and research center construction [4] - The amount allocated for the research center has been significantly reduced from 82.78 million yuan to 37.09 million yuan, a decrease of 55%, leading to a revised total fundraising target of 314 million yuan [4][6] Financial Performance - Toptech's revenue is projected to grow rapidly from 569 million yuan in 2022 to 1.035 billion yuan in 2024, nearly doubling [7] - The net profit attributable to the parent company is expected to increase from 62.49 million yuan in 2022 to 102 million yuan in 2024 [7] - As of June 30, 2025, the company reported total assets of approximately 936.59 million yuan and total equity of about 548.12 million yuan [8] Profitability Metrics - The gross profit margin has been declining, recorded at 25.07%, 24.02%, 23.14%, and 22.32% over the reporting periods [9] - The ratio of R&D expenses to revenue has also decreased, with figures of 3.69%, 2.83%, 2.78%, and 3.29% [9] Customer Concentration Risk - Toptech faces high customer concentration risk, with sales to the top five customers accounting for 57.95%, 61.11%, 67.19%, and 69.97% of total revenue in the respective periods [9] Accounts Receivable and Inventory Risks - The accounts receivable balance has increased from 154 million yuan to 301 million yuan, representing a growing proportion of current assets [10] - Inventory levels have also been high, with raw materials making up a significant portion of the inventory [10] Leasehold Risks - Toptech's production site in Shenzhen is leased and has not obtained property rights certificates due to historical reasons, posing risks related to lease renewal and potential government orders for demolition [11]