Core Viewpoint - The company has provided detailed responses to the Shenzhen Stock Exchange's inquiry regarding its stock issuance, addressing issues related to its sales promotion consultant model, gross profit margin, operating cash flow, and recognition of financial investments [1]. Sales Promotion Consultant Model - The company paid sales service fees to consultants amounting to 146.84 million, 127.91 million, and 152.01 million yuan during the reporting period. These consultants are primarily responsible for market channel development, assisting in contract signing, and payment collection [2]. - The reliance on local sales consultants is due to the widespread application of the cable industry and the need for experienced local representatives. This model has been historically established in the industry, and the company plans to expand its sales team starting at the end of 2023 [2]. - The sales promotion consultant model is considered reasonable and aligns with industry practices, with the company's service fees as a percentage of revenue being comparable to peers despite some variations [2]. Stability and Sustainability of Main Business Profitability - The company's gross profit margins during the reporting period were 10.93%, 10.92%, and 10.29%, showing a downward trend [3]. - The cable industry faces intense competition and price fluctuations in raw materials, with an overall gross margin of approximately 10%-12%. The company's gross margin is slightly below the average but comparable to some peers [3]. - The company focuses on specialty cables, which significantly influence its gross margin. Despite a stable product structure, the gross margins of major products have declined [3]. - The market for wire and cable manufacturing exceeds one trillion yuan, with emerging industries creating new demand. The company is expected to maintain stable and sustainable profitability due to its strong customer base, brand influence, and increased R&D investment [3]. Operating Cash Flow Situation - The net cash flow from operating activities for the company was 30.64 million, 76.43 million, and -59.59 million yuan during the reporting period, with the recent negative cash flow attributed to business expansion and an increase in operating receivables [4]. - The company has shown an upward trend in accounts receivable turnover and inventory turnover, indicating improved inventory management. The risk of deteriorating cash flow is considered low due to strong customer credit and collection capabilities [4]. - The recognition of financial investments is compliant with regulations, with the company's investment in Electric Science Chengding being classified as a financial investment with a book value of zero as of June 2025 [4].

Core Viewpoint - Recently, Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has changed its IPO review status to "inquired" on the Sci-Tech Innovation Board, with CITIC Securities as its sponsor [1] Group 1: Company Overview - Youxun was established in February 2003 and is one of the first companies in China specializing in the design of high-speed transceiver chips for optical communication [3] - The company has become a "national champion" in the optical communication field and has participated in the formulation of numerous national and industry standards [3] Group 2: Financial Performance - Youxun's revenue for 2022, 2023, and 2024 was 339.07 million, 313.13 million, and 410.56 million respectively, with a decline of 7.65% in 2023 [9] - The net profit for the same years was 81.40 million, 72.08 million, and 77.87 million, also showing a decrease of 8.02% in 2023 [9] - The company's R&D investment for 2022, 2023, and 2024 was 71.68 million, 66.05 million, and 78.43 million respectively, with a cumulative investment of 216 million over three years [6][7] Group 3: Market Position and Product Development - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [6] - The company has successfully entered the global supply chain and ranks first in China and second in the world for products with speeds below 10Gbps [6] - Youxun is actively developing high-value-added new products, including 50G PON transceiver chips and automotive optical communication chips [6] Group 4: R&D and Profitability - The R&D expense ratio for Youxun was 21.14%, 21.09%, and 19.10% for 2022, 2023, and 2024, significantly lower than the industry average of 31.65% and 31.45% [7][9] - The gross profit margin for the main business decreased from 55.26% in 2022 to 46.75% in 2024, indicating pressure from rising raw material costs and declining sales prices [13][14] Group 5: Supply Chain and Inventory Management - The average purchase price of wafers increased by approximately 40.19% from 6,815.70 yuan per piece in 2022 to 9,555.07 yuan in 2024 [15][16] - The company's inventory value at the end of each reporting period was 130 million, 90.36 million, and 175 million, accounting for 38.48%, 25.45%, and 32.55% of current assets respectively [19] Group 6: Ownership Structure - As of the IPO application, the founder and chairman, Ke Binglan, directly holds 10.92% of the shares, with a total of 15.51% when including indirect holdings [22] - The actual controller's voting rights may be diluted to 20.35% post-issuance, raising concerns about potential control changes [24]

Core Viewpoint - Huzhou Anda Auto Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing an upward trend in its gross profit margin while its industry peers are experiencing a decline [1][2]. Group 1: Financial Performance - The company's gross profit margins for the years 2021 to 2024 (first half) are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase [2]. - In contrast, the average gross profit margins of comparable companies in the same industry are 20.76%, 19.40%, 17.54%, and 17.24% for the same periods, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Anda has been notably high, with figures of 39.04%, 35.69%, 3.97%, and 6.26% at the end of each reporting period, with over 10% non-compliance noted in 2021 and 2022 [3]. - As of August 31, 2023, the proportion of labor dispatch workers reached 41.67%, prompting the company to rectify this by converting dispatch workers to formal employees [3]. Group 3: Supplier Relationships - Anda's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with procurement amounts of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5]. - The company has ceased procurement from Boyuan Metal in the second half of 2023 due to better quality and supply capabilities from other suppliers [5]. Group 4: Energy Procurement - Starting in 2023, Anda began purchasing electricity from Huzhou Two Mountains Ecological Resource Operation Co., Ltd., with procurement amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [6]. - The average electricity procurement prices have decreased from 0.74 yuan/kWh in 2022 to 0.66 yuan/kWh in the first half of 2024 [6].

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].

Core Viewpoint - Andar Automotive Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing a rising gross profit margin in its main business despite a declining average margin among comparable companies in the industry [1][2]. Group 1: Financial Performance - The gross profit margins for Andar from 2021 to the first half of 2024 are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase influenced by product structure, sales prices, and costs [2]. - In contrast, the average gross profit margins of comparable companies in the same period are 20.76%, 19.40%, 17.54%, and 17.24%, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Andar was over 40% as of August 31, 2023, with non-compliance issues noted in previous years [3]. - The average cost of labor dispatch workers was reported to be 23.93% lower than that of formal production employees [3]. Group 3: Supplier Relationships - Andar's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with a procurement amount of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5][7]. - Discrepancies were noted in procurement data, with Andar reporting a lower procurement amount for Boyuan Metal in earlier disclosures [7]. Group 4: Outsourcing and Related Parties - Andar has utilized external processing methods, with procurement amounts for outsourcing reported as 38.71 million yuan, 33.73 million yuan, 14.76 million yuan, and 3.08 million yuan over the specified periods [4]. - The company has shifted its electricity procurement to a related party, with amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [7].