小小科技撤回北交所IPO申请：去年上半年业绩下滑，原拟募资2.2亿元

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Anhui Xiaoxiao Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1] Company Overview - Anhui Xiaoxiao Technology Co., Ltd. was founded in October 1995 and is primarily engaged in the research, production, and sales of precision components for automotive transmission and power systems, recognized as a high-tech and specialized enterprise [1] Financial Performance - For the first half of 2025, the company's operating revenue was 234.93 million yuan, a year-on-year decrease of 56.09 million yuan, representing a decline of 19.27% [2] - The net profit attributable to the parent company for the same period was 27.22 million yuan, down 16.46 million yuan year-on-year, with a decline of 39.10% [2] - The gross margin for the main business in the first half of 2025 was 21.29%, a decrease of 3.74 percentage points compared to the same period last year [3] Customer Concentration - The sales to the top five customers accounted for 91.78%, 92.32%, 93.70%, and 92.52% of the operating revenue from 2021 to the first half of 2024, indicating a high customer concentration [2] - The first major customer, BorgWarner, contributed 73.77%, 74.45%, 72.26%, and 69.80% to the operating revenue during the same periods, highlighting a dependency risk on this customer [2] Market Challenges - The decline in revenue for the first half of 2025 was attributed to decreased sales volume and unit prices of fuel components for transmissions, alongside increased market competition [2][3] - The company implemented price reductions on certain products, resulting in a revenue impact of 6.47 million yuan with an average price reduction of 3.24% [4] Investment Projects - The company plans to invest 189 million yuan in the "Intelligent Manufacturing Industrialization Project for Automotive Precision Components," with over 60% of the investment allocated to equipment purchases [4] - Upon reaching full production, the project is expected to achieve an annual capacity of 5.6 million automotive precision components [4][5]