Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. has recently received acceptance for its IPO application on the Sci-Tech Innovation Board, with significant revenue dependence on its largest customer, Fujifilm Group, which is expected to contribute over 40% of the company's revenue in 2024 [1][3]. Revenue Dependence - The company relies heavily on its top five customers, with sales to these clients accounting for approximately 73.75%, 76.68%, and 79.62% of total revenue from 2022 to 2024 [3]. - Sales to Fujifilm Group specifically are projected to represent 34.2%, 44.2%, and 42.71% of total revenue for the years 2022, 2023, and 2024, respectively [3][4]. Financial Performance - Jianxin Superconducting's revenue for 2022, 2023, and 2024 is approximately CNY 359 million, CNY 451 million, and CNY 425 million, respectively, with net profits of CNY 34.63 million, CNY 48.73 million, and CNY 55.78 million [3]. - The company's gross profit margins are significantly lower than industry peers, with margins of 19.56%, 22.84%, and 24.94% compared to industry averages of 46.27%, 45.59%, and 45.17% for the same periods [4]. Inventory and Cash Dividends - The company has experienced a substantial increase in inventory, with values of approximately CNY 182 million, CNY 236 million, and CNY 319 million at the end of each reporting period [4]. - Jianxin Superconducting has distributed significant cash dividends prior to the IPO, with amounts of CNY 19.99 million each year from 2022 to 2024, representing 57.74%, 41.04%, and 35.85% of net profits, respectively [5]. R&D Investment - The company's R&D expense ratio is notably lower than that of comparable companies, with rates of 5.66%, 5.42%, and 6.5% against industry averages of 14.44%, 14.41%, and 18.36% [7]. - Jianxin Superconducting plans to increase R&D investment, with part of the IPO proceeds allocated for this purpose to support new product and technology development [7]. Ownership Structure - As of the signing of the prospectus, the controlling shareholder, Xu Jianyi, holds 41.51% of the company, with the actual controllers collectively holding 59.92% of the voting rights [6].

大华核字[2023]0012142 号 大 华 会 计 师 事 务 所 (特殊普通合伙 ) Da Hua Certified Public Accountants（Special General Partnership） 大华会计师事务所（特殊普通合伙） 大华会计师事务所（特殊普通合伙） 关于深圳证券交易所《关于对万兴科技集团 股份有限公司的关注函》的回复 关于深圳证券交易所《关于对万兴科技集团股份有限公司 的关注函》的回复 目 录 页 次 一、 大华会计师事务所（特殊普通合伙）关于深圳 证券交易所《关于对万兴科技集团股份有限公 司的关注函》的回复 1-10 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 大 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） 关 于 深 圳 证 券 交 易 所 《 关 于 对 万 兴 科 技 集 团 股 份 有 限 公 司 的 关 注 函 》 的 回 复 大华核字[2023]0012142 ...