披露二轮问询回复！臻宝科技闯关科创板，应收账款“惹眼”

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. (referred to as "Zhenbao Technology") is progressing with its IPO application for the Sci-Tech Innovation Board after nearly 8 months of waiting, with recent disclosures regarding the second round of inquiry responses [1][3] Financial Performance - Zhenbao Technology has shown consistent revenue and net profit growth, with revenues of approximately 386 million, 506 million, 635 million, and 366 million yuan for the years 2022 to 2025 H1, and corresponding net profits of about 81.62 million, 108 million, 152 million, and 86.2 million yuan [3] - The company's accounts receivable have been increasing, with balances of approximately 131 million, 183 million, 223 million, and 259 million yuan at the end of each reporting period, representing 33.99%, 36.06%, 35.19%, and 70.83% of the respective revenues [3][4] Accounts Receivable Management - Zhenbao Technology attributes the growth in accounts receivable to improved operational performance, stating that the accounts receivable turnover rate has slightly declined but remains stable and relatively high compared to industry peers [4] - The company maintains a good credit quality with its main customers in the integrated circuit and display panel sectors, indicating a positive outlook for future collections [4] IPO Fundraising and Utilization - The company aims to raise approximately 1.398 billion yuan through the IPO, with plans to invest in semiconductor precision component production bases, R&D center construction, and working capital, including 200 million yuan specifically for working capital [4] Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller, Wang Bing, holds nearly 60% of the voting rights, with a direct stake of 44.33% and additional shares through employee stockholding platforms [5][6] - Post-IPO, the actual controller's shareholding will be 33.24%, ensuring that governance remains independent and not dominated by family members, as they do not hold significant positions in the board of directors [6]