Core Viewpoint - The article raises concerns about the motivations behind the significant equity divestment by the controlling shareholder of Yisiwei, especially as the company approaches its IPO, suggesting a lack of confidence in the company's future development [1][24]. Company Overview - Yisiwei (Hangzhou) Technology Co., Ltd. is preparing for its IPO on November 21, with its main business focused on the research, production, and sales of machine vision equipment for the automotive manufacturing sector [1][3]. Financial Performance - Yisiwei's revenue is projected to grow from 223 million to 392 million yuan from 2022 to 2024, with a compound annual growth rate of 32.59% for revenue and 300% for net profit [4][6]. - The company heavily relies on government subsidies, with total tax benefits and government grants amounting to 209 million yuan, which is 1.41 times its net profit during the same period [9]. Dependency on Government Support - In 2024, government subsidies accounted for 85.6% of Yisiwei's net profit, raising concerns about the sustainability of its financial performance due to potential changes in subsidy policies [9][12]. Market Position and Risks - Yisiwei holds the largest market share in the domestic machine vision sector, but its business is highly concentrated in the automotive industry, with revenue from this sector reaching 96.68% by 2024 [3][10]. - The automotive industry is facing challenges such as overcapacity and price wars, which could negatively impact Yisiwei's revenue growth and profitability [10][11]. Operational Challenges - The company has seen a significant increase in overdue accounts receivable, rising from 44.85 million yuan in 2022 to 78.93 million yuan in 2024, indicating heightened collection pressures [16][18]. - Yisiwei's inventory turnover rate has drastically decreased, falling to 0.28 times in the first half of 2025, which is below the industry average, suggesting inefficiencies in inventory management [21][22]. Shareholder Actions - The controlling shareholder, Guo Yin, has sold approximately 88.21 million yuan worth of shares from 2022 to April 2025, raising questions about his confidence in the company's future [24]. - Despite still holding 56.13% of the company's shares, Guo's actions may lead to governance risks and impact the company's operational efficiency [24]. Regulatory Scrutiny - Yisiwei has been included in the second batch of IPO inspections for 2025, with a high "rejection rate" of 70%, indicating regulatory concerns regarding financial authenticity, internal controls, and business sustainability [25].