行业第一也“内卷”，比亚迪供应商冲刺IPO，多次被罚！

Core Viewpoint - Beijing Weitongli Electric Co., Ltd. is set to undergo IPO review by the Shenzhen Stock Exchange, aiming to raise 1.594 billion yuan, despite being the industry leader facing challenges such as price cuts and delayed payments in the electric connection products sector [1][6]. Group 1: Company Overview - The company specializes in the research, production, and sales of hard connections, flexible connections, contact components, laminated busbars, and CCS series electric connection products, as well as synchronous decomposers [4]. - Weitongli ranks first in revenue for hard and flexible connections in the electric vehicle sector for 2024, and second in laminated busbars [4]. - The company holds 181 authorized patents, including 18 invention patents, indicating a strong focus on technological innovation [4]. Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 is reported as 1.437 billion yuan, 1.699 billion yuan, and 2.390 billion yuan, with net profits of 114 million yuan, 187 million yuan, and 271 million yuan respectively, showing a compound annual growth rate of 28.98% in revenue and 54.23% in net profit [7]. - The growth in net profit outpacing revenue growth is attributed to a temporary market advantage, although future risks include potential declines in gross margins due to increased competition [8]. Group 3: Pricing and Payment Challenges - The company anticipates a significant drop in the average selling price of synchronous decomposers due to price reductions for sales to BYD starting in the second half of 2025 [9]. - Revenue from synchronous decomposers for 2023, 2024, and the first half of 2025 is reported as 45.96 million yuan, 183.08 million yuan, and 94.04 million yuan, with average selling prices decreasing from 29.60 yuan to 17.93 yuan per unit [10]. - The company faces challenges in cash flow, with net cash flow from operating activities turning negative in the first half of 2025, primarily due to extended payment cycles from electric vehicle clients [11]. Group 4: Governance and Regulatory Issues - The company's actual controller, Huang Haoyun, holds a 56.57% direct stake and controls 68.33% of voting rights, indicating a high concentration of ownership [13][15]. - Weitongli has faced multiple administrative penalties in recent years, highlighting internal control issues, with seven penalties recorded between May 2023 and October 2025 for various violations [16].