臻宝科技闯关科创板，应收账款“惹眼”

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. (hereinafter referred to as "Zhenbao Technology") is progressing with its IPO application for the Sci-Tech Innovation Board after nearly 8 months of waiting, revealing a growing trend in accounts receivable [2] Financial Performance - Zhenbao Technology's revenue and net profit have shown annual growth, with reported revenues of approximately 386 million, 506 million, 635 million, and 366 million yuan for the years 2022 to the first half of 2025, respectively [2] - Corresponding net profits for the same periods were approximately 81.62 million, 108 million, 152 million, and 86.2 million yuan [2] Accounts Receivable - As of the end of the reporting periods, accounts receivable balances were approximately 131 million, 183 million, 223 million, and 259 million yuan, accounting for 33.99%, 36.06%, 35.19%, and 70.83% of the respective revenues [3] - The accounts receivable turnover rates were 3.31, 3.23, 3.13, and 1.52 times, indicating a downward trend [3] Customer Base and Credit Quality - The company's clients primarily consist of major manufacturers in the integrated circuit and display panel industries, characterized by good credit quality and favorable repayment conditions [4] - Despite the increase in accounts receivable, the overall quality remains stable, with a relatively high accounts receivable turnover rate compared to industry peers [4] IPO Fundraising and Use of Proceeds - Zhenbao Technology plans to raise approximately 1.398 billion yuan through the IPO, with funds allocated for projects including a semiconductor precision components production base, a research and development center, and working capital, with 200 million yuan specifically earmarked 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 family members also holding shares, but the overall control remains below 50% post-IPO [5][6] - Wang Bing directly holds 44.33% of the shares and controls additional shares through employee stockholding platforms [5]