募资补血2亿 vs 分红套现过亿：理奇智能IPO前夕的“矛盾”财技

Core Viewpoint - The IPO application of Lichi Intelligent Equipment Co., Ltd. reveals significant discrepancies between its impressive financial growth and underlying governance issues, particularly concerning the actual controller's capital operations and the company's financial practices [1][31]. Group 1: Financial Performance and Concerns - Lichi Intelligent's revenue surged from 619 million to 2.173 billion over three years, with net profit increasing from 107 million to 270 million [24][31]. - The company heavily relies on tax incentives, with total tax benefits amounting to 132 million from 2022 to 2024, constituting over 20% of net profit during the same period [4][26]. - The company's cash dividend distribution of approximately 1.07 billion to the actual controller raises questions about the authenticity of its funding needs, as it simultaneously seeks to raise 200 million for operational liquidity [4][13]. Group 2: Governance and Compliance Issues - The actual controller, Lu Haodong, acquired shares worth 52.4 million through various low-cost channels, raising compliance concerns regarding the legitimacy of these stock incentives [3][12]. - Lichi Intelligent has faced multiple legal disputes, including customs violations and contract disputes totaling over 13.57 million, indicating systemic flaws in compliance and contract management [4][30][31]. - The company has a history of compliance issues, including administrative penalties for customs violations, reflecting systemic management deficiencies [29][30]. Group 3: Business Structure and Market Risks - The company's business is highly concentrated in the lithium battery sector, with over 90% of revenue derived from this industry from 2022 to 2024, making it vulnerable to market fluctuations [5][21]. - Major clients account for a significant portion of revenue, with the top five clients contributing 86.87%, 81.67%, and 74.27% of sales from 2022 to 2024, indicating a lack of diversification [5][7]. - The company's product structure shows instability, with a 79.02% decline in single machine equipment revenue, despite significant growth in material intelligent processing systems [21][22]. Group 4: IPO Process and Market Position - Lichi Intelligent's IPO application was accepted on June 26, 2025, and quickly entered the inquiry stage, indicating a rapid progression in the listing process [8]. - The company claims a market share increase in lithium material intelligent processing systems from 27% in 2023 to 43% in 2024, although this growth occurred amid a slowing industry [23]. - The underwriting firm, Guotai Junan Securities, has experience in the equipment manufacturing sector but may face challenges in conducting thorough due diligence due to managing multiple similar projects simultaneously [10].