实控人控股超九成 冈田智能闯关IPO

Core Viewpoint - Okada Intelligent (Jiangsu) Co., Ltd. is progressing towards its IPO after nearly seven months in the inquiry phase, with recent updates to its prospectus and responses to the second round of review inquiries from the Shenzhen Stock Exchange [1][2]. Financial Performance - Okada Intelligent has shown steady growth in revenue and net profit over recent years, with revenues of approximately 767 million, 773 million, 932 million, and 564 million yuan for the years 2022-2024 and the first half of last year, respectively. Net profits for the same periods were approximately 119 million, 132 million, 169 million, and 110 million yuan [2]. - The company's accounts receivable have also increased, with balances at the end of each reporting period being approximately 252 million, 254 million, 290 million, and 347 million yuan, representing 32.81%, 32.81%, 31.09%, and 30.78% of revenue, respectively [2]. Accounts Receivable Management - The company has a credit policy requiring payment within 30 to 120 days, and the proportion of accounts receivable aged within one year was 98.65%, 97.75%, 98.42%, and 98.8% across the reporting periods [3]. - Concerns were raised by the Shenzhen Stock Exchange regarding the company's research and development (R&D) expense ratio, which is lower than that of comparable companies, with ratios of 4.96%, 4.71%, 4.79%, and 4.17% compared to industry averages of 8.83%, 8.17%, 7.61%, and 7.91% [3]. R&D Investment Explanation - Okada Intelligent explained that its lower R&D expenses compared to peers are due to the more diverse product lines of competitors, which require higher R&D investment without efficient conversion to sales revenue. In contrast, Okada's focused product categories have allowed for rapid sales growth [4]. Ownership Structure - The company plans to raise approximately 985 million yuan, with funds allocated for expanding production lines, R&D, and working capital. Notably, Okada Intelligent distributed a cash dividend of 120 million yuan in 2022 [5]. - The controlling shareholders, Chen Liang and Cai Lijuan, hold a combined 91.74% of the company's shares, raising concerns about governance and potential conflicts of interest due to the high ownership concentration [5][6]. Revenue Composition - The main business revenue primarily comes from the sales of tool magazines, spindles, and turntables, with sales figures for the first half of last year being approximately 437 million, 75.08 million, 42.87 million, and 3.44 million yuan, accounting for 78.26%, 13.44%, 7.68%, and 0.62% of total revenue, respectively [7].