Core Viewpoint - Tongling Technology is preparing for its IPO with a fundraising target of approximately 411 million yuan, aimed at various projects including production and R&D upgrades [1][3]. Group 1: IPO and Fundraising - The IPO journey of Tongling Technology has faced multiple challenges, including failed applications in 2017 and 2022, before finally adjusting its listing plan to the Beijing Stock Exchange in 2024 [3]. - The total amount of funds to be raised has decreased from 516 million yuan to 411 million yuan, with the cancellation of a project related to the production of automotive door assemblies [3][13]. Group 2: Business Overview - Established in 2007, Tongling Technology specializes in the R&D, production, and sales of automotive interior components, serving over 30 domestic and international OEMs [5]. - The company's main products include door trim strips, instrument panels, and center consoles, primarily for passenger vehicles [5]. - As of the signing date of the prospectus, Tongling Technology holds 127 patents, including 44 invention patents [5]. Group 3: Financial Performance - During the reporting period, Tongling Technology achieved revenues of approximately 892 million yuan, 1.01 billion yuan, 1.07 billion yuan, and 486 million yuan, with net profits of about 64.56 million yuan, 112 million yuan, 131 million yuan, and 87.21 million yuan respectively [7]. - The overseas revenue proportion increased significantly from 16.74% to 51.26% during the reporting period, with the U.S. market contributing 25.89% [12]. Group 4: Client Concentration and Accounts Receivable - The revenue from the top five clients accounted for 63.34%, 61.79%, 61.15%, and 52.4% of total revenue during the reporting period, indicating a high but declining client concentration [9]. - Accounts receivable from major clients such as SAIC Group and Volkswagen Group were significant, with total accounts receivable amounting to approximately 249.16 million yuan [10]. Group 5: Production Capacity and Utilization - The production capacity utilization rate of the Shanghai plant has been declining, recorded at 88.75%, 87.86%, 85.67%, and 83.34% over the reporting period [15]. - The company plans to invest over 30% of the raised funds into the production project in Wuhan, despite the declining capacity utilization raising questions about the necessity of the fundraising [13][14]. Group 6: Internal Control and Compliance Issues - Tongling Technology has faced multiple internal control violations, including issues related to bonus distribution, accounting errors, and improper expense reimbursements [17]. - The company has undergone several accounting corrections, affecting net profit margins significantly during the reporting periods [17]. Group 7: Shareholding Structure - The controlling shareholder, Xiang Chunchao, along with 23 other concerted actors, holds a combined 75.88% of the company's shares [4][18].

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的 投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大 的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 芜湖福赛科技股份有限公司 （Wuhu Foresight Technology Co., Ltd.） （芜湖市鸠江经济开发区灵鸢路 2 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 芜湖福赛科技股份有限公司 招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化， 由发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决 策，自行承担股票依法发行后因发行人经营与收益变化或者 ...