恒道科技北交所IPO过会，公司业绩增长的可持续性等遭追问

Core Viewpoint - Zhejiang Hengdao Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise approximately 403 million yuan for its operations [1] Company Overview - Hengdao Technology specializes in the research, design, production, and sales of injection mold hot runner systems and related components, which are critical heating components in hot runner injection molds [1] - The company's main products are widely used in automotive lighting, automotive interior and exterior decorations, and 3C consumer electronics sectors [1] IPO Details - The IPO application was accepted on June 13, 2025, and entered the inquiry stage on July 10 of the same year [1] - The company aims to raise around 403 million yuan through this IPO [1] Regulatory Requirements - The listing committee has requested Hengdao Technology to explain the rationale behind the changes in the number of customers with annual sales below 500,000 yuan, as well as the high proportion of overdue accounts receivable and the adequacy of bad debt provisions [1] - The committee also requires the company to discuss the sustainability of its performance growth by analyzing the market share of major competitors in the domestic automotive, 3C consumer electronics, home appliances, and packaging injection molding sectors, as well as its core competitive advantages and customer repurchase rates [1]