Core Viewpoint - The company Aomeisen Intelligent Equipment Co., Ltd. has successfully passed the review for its IPO on the Beijing Stock Exchange, but faces multiple regulatory inquiries regarding its growth potential and financial practices [2][3]. Financial Performance - Aomeisen's revenue has shown a growth trend over the past four years, with figures of 281 million, 308 million, 279 million, 325 million, and 358 million yuan from 2020 to 2024, reflecting year-on-year changes of 9.68%, -9.49%, 16.60%, and 10.30% respectively [4]. - However, the net profit attributable to the parent company has stagnated, with figures of 55.58 million, 44.83 million, 19.39 million, 48.16 million, and 55.82 million yuan during the same period, showing year-on-year changes of -19.33%, -56.75%, 148.41%, and 15.90% [4][5]. Customer Stability - The company has faced challenges with customer stability, as its top five clients have changed significantly over the years, indicating a lack of consistent revenue sources [6][8]. - Notably, major clients such as Hisense and TCL, which were among the top three customers in 2021, did not appear in the top five in subsequent years, raising concerns about the sustainability of its revenue streams [8]. Governance and Control - Aomeisen is characterized as a family-owned business, with the actual controllers holding 73.77% of the shares, which raises questions about governance and internal controls [9][10]. - Regulatory inquiries have highlighted issues with internal audit systems and the management of insider information, indicating potential weaknesses in corporate governance [10][11]. Inventory and Production Capacity - The company has high inventory levels and low turnover rates, with inventory values of 180 million, 155 million, and 179 million yuan from 2022 to 2024, representing 46.17%, 39.54%, and 36.55% of current assets respectively [19]. - Despite a declining production capacity from 187.48 million square meters/day in 2022 to 159.48 million square meters/day in 2024, the company reported a 100% capacity utilization rate in 2024, raising concerns about the rationale behind its expansion plans [16][17].