Core Viewpoint - Tianxingjian New Materials Co., Ltd. is racing against time to go public on the Beijing Stock Exchange, facing significant performance challenges and potential buyback obligations if it fails to list by December 31, 2025 [1][2]. Financial Performance - The company's revenue for the years 2022 to 2024 was 832 million, 934 million, and 1.129 billion respectively, while net profits were 61.8 million, 82.9 million, and 63.5 million, indicating a 23.36% decline in net profit for 2024 [2][6]. - The gross profit margin decreased from 22.25% in 2023 to 16.09% in 2024, primarily due to a drop in product prices exceeding the decline in raw material costs [3][4]. Customer Dependency - The company heavily relies on BYD as its largest customer, with sales to the top five customers accounting for 44.83%, 50.04%, and 51.31% of total revenue from 2022 to 2024, and sales to BYD alone making up 26.22%, 37.29%, and 41.70% respectively [4][5]. Accounts Receivable and Liquidity - Accounts receivable increased from 432 million to 631 million from 2022 to 2024, with the ratio of accounts receivable to revenue rising from 51.93% to 55.90% [5][6]. - The company's accounts receivable turnover rates were significantly lower than industry averages, indicating liquidity challenges [5][6]. Dividend Policy - In September 2024, the company distributed a cash dividend of 16.28 million, which is a small percentage (6.72%) of the retained earnings, asserting that it would not adversely affect financial stability [6]. Future Outlook - Despite a slight revenue increase of 1.13% to 472 million in the first half of 2025, net profit declined by 5.35%, with the company aiming to enhance its market share among existing electric vehicle clients and strengthen its position in the 3C electronics sector [6].

Core Viewpoint - The article discusses the complexities and challenges within the investment industry, highlighting issues such as litigation, internal conflicts, and the impact of personal relationships on professional conduct [1][6]. Group 1: Investment Industry Dynamics - The investment industry is perceived as cleaner compared to the medical field, but underlying issues exist [2]. - A recent AI company experienced a series of funding rounds, raising questions about the transparency and relationships between investment institutions [3]. - A semiconductor project faced potential bankruptcy due to ongoing litigation, diverting focus from its core business [6]. Group 2: Legal and Ethical Issues - A key investor initiated a lawsuit after a buyback proposal was rejected by the founder, leading to a chain reaction of lawsuits from other shareholders [4][5]. - The article mentions a notable case where a professor publicly accused her husband, a partner at an investment firm, of serious misconduct, which gained significant attention on social media [9]. - There is uncertainty regarding the outcomes of various disputes, with no clear resolution reported for several high-profile cases [10][11].