Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. is accelerating its A-share IPO despite significant growth in performance, with accounts receivable reaching nearly 30% of total assets by the end of 2024, primarily due to high bad debt losses and inventory impairment losses related to the Neta automobile project [1][2][3] Financial Performance - The company's operating revenue from 2022 to 2024 was 2.091 billion, 2.564 billion, and 3.088 billion respectively, with net profit attributable to the parent company after deducting non-recurring gains and losses at 52.25 million, 120 million, and 185 million respectively [2] - Other income during the same period was 19.74 million, 27.74 million, and 43.11 million, accounting for 28.87%, 18.25%, and 19.45% of operating profit, mainly from government subsidies and VAT deductions [2] - Accounts receivable net amount at the end of each year from 2022 to 2024 was 863 million, 929 million, and 1.133 billion, representing 27.39%, 27.14%, and 29.90% of total assets [2][3] Bad Debt and Inventory Losses - Bad debt losses for accounts receivable were 14.32 million, 4.13 million, and 25.34 million from 2022 to 2024, with the 2024 losses primarily attributed to expected credit losses from customers related to the Neta automobile project [3] - Inventory impairment losses increased from 36.54 million and 33.63 million in 2022 and 2023 to 72.61 million in 2024, mainly due to asset impairment losses related to the Neta automobile project [3] Labor and Production Model - The company employed a significant number of labor dispatch workers, with the proportion reaching 21.24% in 2022, then dropping significantly in 2023 and 2024 [1][4] - The external processing amount as a percentage of total procurement increased from 3.81% to 4.60% from 2022 to 2024, focusing on processing and welding operations [4] Client and Supplier Relationships - The main business revenue from welding parts remained stable at over 90%, with gross margins increasing from 12.98% in 2022 to 15.98% in 2024, attributed to declining raw material prices and cost reduction measures [4] - Changan Ford and its affiliates were significant players as both major customers and suppliers, appearing in the top five for both categories during the reporting period [4][5]