Group 1 - The company has started to increase operational intensity across all stores, ensuring that each store has products listed, leading to initial sales activity [2] - Despite low sales per store, multiple stores have opened, resulting in several orders, indicating a positive start [2] - The company is experimenting with new advertising techniques to improve return on investment (ROI) [2] Group 2 - The company faced issues with negative feedback on its stores, which affected traffic and sales, but has managed to resolve some of these issues [2][4] - There is a significant amount of negative feedback related to products, with some items constituting 50% of the total feedback for certain stores [3] - The company is considering changing product categories to avoid ongoing issues with negative feedback [4] Group 3 - Customer service challenges are prevalent, with customers exhibiting demanding behavior and a lack of understanding of provided tutorials [5] - The company is experiencing high volumes of returns due to customer dissatisfaction, which complicates the sales process [5] - The operational workload has increased significantly, leading to fatigue among staff due to the demands of managing customer interactions and product listings [5]

Core Viewpoint - The article discusses the recent performance and funding adjustments of Shenzhen Jialichuang Technology Group Co., Ltd. (Jialichuang), highlighting its position in the electronic industry and the impact of U.S. restrictions on EDA software on the domestic market [1][21]. Funding and Financial Adjustments - Jialichuang initially planned to raise 667 million yuan but later revised this figure down to 420 million yuan, a reduction of 247 million yuan [1][10]. - The funding cuts affect several projects, including the high-layer printed circuit board production line and the PCBA smart production line, indicating a significant decrease in required capital across all project categories [3][4]. Project Details - The revised funding allocation includes: - High-layer printed circuit board production line: 120 million yuan - PCBA smart production line: 115 million yuan - R&D center and information technology upgrade: 48 million yuan - Intelligent electronic components center: 74 million yuan - Mechanical industry chain production line: 63 million yuan - Total: 420 million yuan [10][4]. Cash Dividend and Financial Management - Jialichuang distributed cash dividends of 27 million yuan in 2021 and 40 million yuan in 2022, raising questions about the necessity and rationale behind these distributions in light of the funding cuts [5][8]. - The company has faced scrutiny regarding its financial internal controls, particularly concerning related-party transactions and cash flow management [11][12]. Market Position and Customer Base - Jialichuang claims to serve millions of global customers with a focus on fast delivery, high quality, and customization in small-batch production [1][21]. - The company emphasizes a diverse customer base with a high repurchase rate, although it acknowledges the challenges posed by a fragmented customer distribution [22][24]. Operational Challenges - The company has been questioned about its online sales model, which accounts for over 90% of its revenue, and the implications of using third-party payment platforms [14][19]. - Jialichuang has implemented various internal control measures to ensure the accuracy and legitimacy of its sales transactions, aiming to mitigate risks associated with potential fraudulent activities [20][24].

Core Viewpoint - The company, Jia Li Chuang Technology Group Co., Ltd., is facing challenges in its IPO process due to low income verification ratios and significant cash dividends, which have raised regulatory concerns [3][15]. Company Overview - Jia Li Chuang is known for its focus on PCB prototyping and small-batch manufacturing, particularly popular in the DIY electronics community [2]. - The company initiated its IPO process on June 30, 2023, but has been under review for over two years, with the last inquiry response dated March 2024 [2]. Financial Performance - Jia Li Chuang reported revenues of 6.387 billion yuan, 6.748 billion yuan, and 8 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 473 million yuan, 663 million yuan, and 910 million yuan during the same period [3]. - The company has distributed significant cash dividends of 270 million yuan and 400 million yuan in 2021 and 2022, totaling 670 million yuan, which is about 40% of its net profit from 2021 to 2023 [3][15]. Market Position - In the domestic PCB industry, Jia Li Chuang ranked 20th, 16th, and 17th in PCB business among domestic enterprises during the reporting period, indicating a lack of industry representation [4]. - The PCB market is highly competitive, with the top ten manufacturers accounting for 54.34% of the market share, generating a combined revenue of 160.995 billion yuan in 2024 [3]. Production Capacity and Expansion Plans - The company currently has a PCB production capacity of over 8 million square meters and plans to double this capacity with an additional 8 million square meters through its IPO fundraising [2][16]. - The actual production for 2024 is projected to be around 8.0116 million square meters, raising concerns about the ability to absorb the new capacity [16]. Sales Model and Customer Base - Jia Li Chuang primarily operates through an online self-service ordering platform, with online sales accounting for over 93% of its revenue during the reporting period [6]. - The company has a highly diversified customer base, with the top five customers contributing less than 5% of total revenue, indicating a very low concentration [6]. Regulatory Scrutiny - The low verification ratio of customer transactions has raised red flags, with only 5.09% of individual customers and less than 50% of corporate clients being verified [10][12]. - The company has faced inquiries regarding the authenticity of its revenue growth, particularly concerning potential issues like "order brushing" and fictitious transactions [9][10]. Fundraising and Financial Needs - Initially seeking to raise 66.7 billion yuan, the company reduced its fundraising target to 42 billion yuan after regulatory scrutiny regarding the necessity and rationality of the funds [15]. - The company has identified a funding gap of 18.68 billion yuan for its operational needs from 2024 to 2026, despite having increased its available funds through financial assets [15].