实控人曾占资千万，小小科技“马拉松式”闯关IPO

Core Viewpoint - The journey of Xiaoxiao Technology Co., Ltd. towards IPO has been lengthy and complex, facing multiple challenges including performance volatility, customer dependency risks, and internal control compliance issues [1][2][3]. Financial Performance - From 2021 to 2023, Xiaoxiao Technology's revenue fluctuated, with figures of 492 million yuan, 465 million yuan, and 632 million yuan respectively, while the net profit after deducting non-recurring gains and losses dropped from 47.14 million yuan to 24.46 million yuan before rebounding to 90.29 million yuan in 2023 [3][5]. - The gross profit margins during the reporting period were 22.30%, 15.54%, 25.63%, and 25.03%, indicating significant variability influenced by the profitability of key products [5][6]. Product Revenue Breakdown - The main revenue source for the company is automotive transmission system components, particularly gearbox components, which accounted for 93.49%, 92.18%, 92.01%, and 92.71% of total revenue during the reporting periods [7][8]. - The sales price of gearbox components has been on a decline, dropping from 23.15 yuan per unit in 2021 to 20.88 yuan in 2023, with a further decrease of 8.57% in the first half of 2024 [8][9]. Research and Development - Xiaoxiao Technology's R&D expenditure as a percentage of revenue was lower than the industry average, with rates of 4.01%, 4.47%, 3.42%, and 4.02% compared to the industry averages of 4.94%, 5.33%, 5.44%, and 5.49% [15][16]. - The company holds 17 invention patents, but its R&D focus remains primarily on traditional fuel vehicle components, with limited advancements in the new energy sector [15][14]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 91.78%, 92.32%, 93.70%, and 92.52% of total revenue during the reporting periods [16][17]. - The first major customer, BorgWarner, contributed 73.77%, 74.45%, 72.26%, and 69.80% to the company's revenue, raising concerns about dependency on a limited customer base [17][18]. Internal Control Issues - Xiaoxiao Technology has faced internal control deficiencies, including a significant fund occupation incident by a major shareholder, which highlighted weaknesses in governance and compliance [20][22]. - The company has also been noted for not providing social security and housing fund contributions for some employees, although it claims to be rectifying this situation [21].