信胜科技IPO大考：南亚市场举足轻重！

Core Viewpoint - Xinxing Technology is advancing towards its IPO on the Beijing Stock Exchange, with a strong performance driven by overseas sales, particularly in India and Pakistan [1][2]. Group 1: Company Overview - Xinxing Technology, established in 2004, specializes in the research, production, and sales of computer embroidery machines, covering the entire industry chain including parts and complete machines [5]. - The company’s products are marketed under the SINSIM and ERED brands and are utilized in over 80 countries across various sectors such as apparel, home textiles, automotive interiors, healthcare, and toys [5]. Group 2: Financial Performance - The company reported revenues of 600 million yuan, 704 million yuan, 1.03 billion yuan, and 655 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively, with net profits of 53.82 million yuan, 60.81 million yuan, 127 million yuan, and 93.38 million yuan [5]. - For the first nine months of 2025, Xinxing Technology achieved approximately 1.04 billion yuan in revenue and 150 million yuan in net profit, surpassing the total performance of 2024 [5]. - The company anticipates revenues between 1.35 billion yuan and 1.55 billion yuan for 2025, representing a year-on-year growth of 31.07% to 50.49%, and expects net profit to range from 190 million yuan to 220 million yuan, indicating a growth of 61.67% to 87.19% [5]. Group 3: Sales and Market Focus - Over 49% of Xinxing Technology's sales revenue during the reporting period came from overseas markets, primarily from clients in Pakistan and India [6]. - Sales to Pakistani clients accounted for 15.73%, 7.64%, 16.22%, and 13.44% of total revenue in the respective years, while sales to Indian clients represented 20.47%, 23.31%, 24%, and 24.43% [6]. - The combined sales from India and Pakistan constituted 40.22% of the company's main business revenue in 2024 [6]. Group 4: Ownership and Capital Raising - The actual controllers of Xinxing Technology, Wang Haijiang and Yao Xiaoyan, hold 99.05% of the company's shares, with Wang Haijiang's family controlling 47.62% directly [8]. - The company plans to issue up to 43.7 million shares to raise approximately 449 million yuan, which will be allocated to five major projects, including the construction of embroidery machine frames and components [8][9].