铜博科技赴港IPO：政府补助及补贴整体高于除税前溢利 大客户依赖“后遗症”明显

Core Viewpoint - Jiangxi Tongbo Technology Co., Ltd. (Tongbo Technology), a provider of electrolytic copper foil solutions, has filed for an IPO on the Hong Kong Stock Exchange, with its profitability heavily reliant on government subsidies and grants exceeding its pre-tax profits [1][2][3]. Financial Performance - Tongbo Technology's revenue for 2023, 2024, and the first three quarters of 2024 and 2025 were approximately CNY 3.163 billion, CNY 3.212 billion, CNY 2.290 billion, and CNY 2.849 billion, respectively, indicating a growth trend [2]. - The company's pre-tax profits and total comprehensive income for the same periods were CNY 63.06 million, CNY 20.58 million, CNY 18.75 million, and CNY 41.71 million, showing instability in profitability [2]. - Government subsidies and grants for 2023, 2024, and the first three quarters of 2025 were CNY 57.11 million, CNY 109 million, and CNY 27.42 million, respectively, significantly contributing to the company's profitability [2][3]. Operational Efficiency - Despite increasing revenues, Tongbo Technology's operating expenses decreased over the reporting period, with figures of CNY 145 million, CNY 122 million, CNY 78.7 million, and CNY 76.6 million, representing a decline in percentage of total revenue from 4.6% to 2.7% [3]. Government Involvement - The State-owned Assets Supervision and Administration Commission of Fuzhou City has further tied its interests to Tongbo Technology through equity investments, with Fuzhou High-tech Industrial and Technological Innovation Investment Co., Ltd. holding approximately 3.4% of the company [4][5]. Customer Dependency - Tongbo Technology has a high dependency on a single major customer, with revenue from the top five customers accounting for 85.8%, 87.3%, and 82.0% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [6]. - The first major customer accounted for 48.5%, 62.2%, and 58.0% of total revenue during the same periods, indicating significant reliance [6][7]. Profit Margins - The company's gross margins were low, recorded at 6.7%, 3.1%, and 4.8% for the respective years, with lithium battery copper foil margins at 8.0%, 3.8%, and 5.6% [7]. - Trade receivables and notes receivable reached CNY 1.830 billion by September 30, 2025, constituting about 40% of total assets, with approximately 41% of these receivables from the largest debtor [7]. Investor Rights - Tongbo Technology has granted various special rights to investors, including liquidation preferences and anti-dilution rights, although some of these rights have been terminated under supplementary agreements [8].