拆海昌智能二询回复函：疑点不少于11处！

Group 1 - The core issue revolves around the accuracy of revenue recognition related to goods sent to Tianhai Electronics, with the balance soaring from 16.56 million yuan at the end of 2022 to 45.92 million yuan by the end of 2024 [2][21]. - There is a significant discrepancy between the estimated procurement amounts from Tianhai Electronics, which were 11.44 million yuan, 21.26 million yuan, and 4.11 million yuan for the respective periods, raising concerns about the accuracy of revenue recognition [3][22]. - A large portion of the goods sent, amounting to 33.42 million yuan (72.78% of the total), did not require estimation according to Tianhai Electronics' rules, which raises questions about why these mature products are still recorded as sent goods [3][22]. Group 2 - The competitive landscape is intensifying, with global leader Kumas acquiring a 56% stake in domestic high-pressure wiring harness manufacturer Suzhou Huisi Fu, indicating a strong push into the Chinese market [4][23]. - Tianhai Electronics, a long-term top customer of the company, has significantly increased its procurement from other suppliers, spending over 47 million yuan on testing equipment from Changchun Zhenyu and Fujian Keri New, while only purchasing 14.02 million yuan from the company [4][23]. Group 3 - The company plans to raise 452 million yuan, with 166 million yuan allocated for equipment purchases, including CNC machining centers, despite currently focusing on assembly and debugging rather than high-value production [9]. - The projected sales revenue of 480 million yuan from the fundraising projects appears overly optimistic, especially given the competitive market and diversified customer procurement [9][10]. Group 4 - The company has seen a dramatic increase in its workforce, with production personnel rising from 408 to 721, a 76.7% increase, raising questions about whether this expansion aligns with genuine innovation and product development [10]. - The company’s projected sales from new production equipment may be overly ambitious, as they plan to double production capacity based on historical sales data, which may not accurately reflect future demand [10][11]. Group 5 - The gross profit margin on sales to related party Tianhai Electronics is consistently lower than that of non-related parties, raising concerns about the fairness of these transactions [11]. - The company has significantly increased its sales rebate provisions from 2.79 million yuan in 2023 to 8.94 million yuan in 2024, a 219.3% increase, which may indicate efforts to inflate pre-IPO revenue figures [12]. Group 6 - The company has outsourced installation and debugging responsibilities to distributors in overseas markets, which could compromise product quality and after-sales service [12]. - There are compliance issues regarding the insufficient payment of social security and housing funds for employees, which raises concerns about the company's governance and commitment to employee rights [13]. Group 7 - The company is facing a patent infringement lawsuit from Kumas in Germany, which could impact its perceived technological independence and market confidence [14]. - There are discrepancies in the sales data reported in the prospectus and annual report regarding Tianhai Electronics, with a difference of 1.46 million yuan, raising questions about the accuracy of financial disclosures [16].