埃泰克IPO隐雷重重，已遭监管“灵魂连问”

Core Viewpoint - Wuhu Aiteke Automotive Electronics Co., Ltd. is preparing for its IPO on January 20, 2025, as a provider of automotive electronic intelligent solutions, focusing on R&D, production, and sales of automotive electronic products [1] Group 1: Company Overview - Aiteke specializes in automotive electronic products across four core functional domains: body domain, intelligent cockpit domain, power domain, and intelligent driving domain [1] - The company was accepted for its IPO application on June 20, 2025, and entered the inquiry phase on July 16, 2025 [2] Group 2: Ownership and Control - The actual controller of Aiteke is Chen Zejian, who holds 34.3617% of the shares. Chen, a Chinese national with Australian citizenship, became the controlling shareholder in 2020 after a series of shareholding changes [2] - The Shanghai Stock Exchange raised questions regarding the background and differences in positioning between Aiteke and its Australian counterpart, Atech Automotive Pty Ltd, particularly concerning the compliance of joint control [2] Group 3: Customer Dependency - Aiteke exhibits a high customer concentration, with sales to its top five customers accounting for 73.16%, 80.92%, and 84.38% of total revenue during the reporting period [4] - The largest customer is projected to contribute over 50% of Aiteke's revenue in 2024, with sales to this customer increasing from 27.60% in 2022 to 53.89% in 2024 [4] Group 4: Financial Performance and Risks - The company has faced increasing asset impairment losses due to the bankruptcy restructuring of major clients, with losses recorded as -23.99 million, -28.14 million, -34.74 million, and -16.44 million yuan, primarily from inventory write-downs [5] - The impairment losses for 2024 are expected to rise due to significant write-downs related to products for major clients [5] Group 5: R&D and Innovation - Aiteke has a high proportion of R&D personnel, with 874 out of 1,888 employees (46.29%), surpassing industry leaders [6][8] - Despite the high R&D personnel ratio, Aiteke has not filed for any new invention patents during the reporting period, raising concerns about its innovation capabilities in a technology-intensive sector [9]