Sou Hu Cai Jing·2026-01-19 03:19Core Viewpoint - Lich Intelligent Equipment Co., Ltd. is set to go public on the ChiNext board, with plans to issue between 40.76 million and 91.72 million shares, amid significant revenue and profit growth, but with underlying concerns regarding profitability and customer concentration [2]. Group 1: Financial Performance - The company reported substantial revenue growth during the reporting period, achieving revenues of 619 million yuan, 1.721 billion yuan, 2.173 billion yuan, and 1.189 billion yuan, with corresponding net profits of 95.35 million yuan, 242.44 million yuan, 298.95 million yuan, and 151.08 million yuan [4]. - The gross profit margin has been declining, with rates of 41.77%, 40.05%, 35.94%, and 31.17% over the reporting period, indicating a drop of 10.6 percentage points from 2022 to the first half of 2025 [4][5]. Group 2: Business Segments - Lich Intelligent focuses on material automation processing, providing comprehensive solutions including consulting, design, manufacturing, installation, debugging, training, and after-sales services, with a significant portion of revenue coming from material intelligent processing systems [3]. - The revenue from material intelligent processing systems has increased significantly, accounting for 79.87% of total revenue in the first half of 2025, up from 63.64% in 2022 [3]. Group 3: Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 86.87%, 81.67%, 74.27%, and 58.89% of total revenue during the reporting period, although this concentration has been gradually decreasing [6]. - Sales to the core customer, CATL, have significantly declined, with revenue from this customer dropping from 28.79 million yuan in the first half of 2025 to 161.79 million yuan in 2022, representing a decrease in its contribution to total revenue from 46.55% to 13.61% [7]. Group 4: Funding and Financial Health - The company plans to raise 1 billion yuan through its IPO for projects including an intelligent manufacturing base and a research center, but the rationale for raising 200 million yuan for working capital is questioned given the company's substantial cash reserves and lack of short-term debt [8][9]. - The company has maintained a high level of cash reserves, with balances of 209 million yuan, 228 million yuan, 435 million yuan, and 292 million yuan at the end of the respective years, alongside significant trading financial assets [9].