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江苏永成二次冲击A股IPO,2022年经营现金流为-1751%
Sou Hu Cai Jing· 2025-07-25 04:41
Group 1 - Jiangsu Yongcheng Auto Parts Co., Ltd. has resumed its IPO application process after previously withdrawing it in January 2025, with Dongwu Securities now acting as the counseling institution [1][3][31] - The company faced challenges during its first IPO attempt, which included a lengthy counseling period of nearly two years with CITIC Securities as the previous sponsor [3][4] - The company’s financial performance has shown significant discrepancies, particularly in its cash flow reports, with a notable difference of 600 million yuan in cash flow figures between different audit reports [6][9] Group 2 - Jiangsu Yongcheng's main business involves the design, research, production, and sales of automotive interior and exterior parts, with major clients including BYD, Chery, and SAIC [10][11] - The company has a high customer concentration, with over 90% of its revenue coming from its top five clients in recent years, indicating a reliance on a few key customers [10][11] - The company has reported increasing accounts receivable, which reached 356 million yuan in 2023, raising concerns about cash flow and financial stability [13][16] Group 3 - Recent government policies aimed at regulating payment terms in the automotive supply chain are expected to positively impact Jiangsu Yongcheng by potentially improving cash flow from major clients [19][21] - Major automotive manufacturers have committed to reducing payment terms to 60 days, which could alleviate Jiangsu Yongcheng's cash flow issues [27][30] - The implementation of these policies may lead to a shift in supplier dynamics, with potential risks for listed companies like Jiangsu Yongcheng if they cannot maintain competitive advantages [28][29]