深圳商报·读创客户端记者 梁佳彤 9月11日，据北交所官网，弥富科技（浙江）股份有限公司（下称"弥富科技"）发布首轮问询回复，关联方销售金额增幅较大、与阿雷蒙发生专利权纠纷等 情况被监管层聚焦。 | 代码 | 874649 | | --- | --- | | 公司全称 | 弥富科技(浙江) 股份有限公司 | | 审核状态 | 已问询 | | 保荐机构 | 中信建投证券股份有限公司 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | | 律师事务所 | 浙江京衡律师事务所 | | 评估机构 | | 招股书显示，弥富科技成立于2016年，公司主营业务为汽车流体管路系统关键零部件以及导轨等其他塑料零部件的研发、生产及销售，主要产品包括流体管 路系统快插接头、通类接头、阀类等连接件、管夹等紧固件、传感器以及导轨等塑料产品，产品可适用于新能源汽车及传统燃油汽车等领域。 关联方销售金额增幅较大 对亏损客户应收账款上涨 2022年至2024年（下称"报告期"），弥富科技分别实现营收1.38亿元、2.02亿元、2.73亿元；归母净利润为3634.18万元、5816.74万元、7622.42万元，同比上 涨46.0 ...

Core Points - The Central Commission for Discipline Inspection and the Jiangsu Provincial Supervisory Commission are investigating Yang Jiaohong, former director of the China Securities Regulatory Commission's issuance supervision department, for serious violations of discipline and law [1][2] - Yang is accused of multiple issues, including using his position to subscribe to original shares of companies planning to go public, which is described as a typical case of "escape-style resignation" corruption [1] - He allegedly evaded organizational scrutiny through methods such as "white gloves" and "shadow shareholders," and was involved in evidence destruction and collusion with others [1] - Yang violated the spirit of the Central Eight Regulations by accepting gifts and consumption cards, and lost his integrity by subscribing to original shares of companies in a "surge investment" manner, obtaining substantial illegal profits [1] Disciplinary Actions - Yang has been expelled from the Party and his illegal gains have been confiscated [2] - The Jiangsu Provincial Supervisory Commission has decided to transfer his suspected criminal activities to the procuratorial organs for legal review and prosecution, along with the related assets [2]

Core Viewpoint - The company Aiwei Electric is facing significant challenges in its IPO process, including unresolved equity arbitration, declining product prices, and a complex financial situation, despite showing impressive growth in revenue and net profit over recent years [1][3][5]. Group 1: Equity Structure and Legal Issues - The company has a complicated equity structure involving shareholding proxies, which has led to an ongoing arbitration case regarding the ownership of shares held by proxy since its establishment in 2017 [3][5]. - The unresolved arbitration and litigation present a major uncertainty for the company's IPO, contrasting sharply with the strict requirements for clear equity structures set by the Shenzhen Stock Exchange [5]. Group 2: Business Dependency and Pricing Concerns - Aiwei Electric relies almost entirely on a single product, the thermal management high-voltage controller, which accounts for 99.86% of its revenue [6]. - The sales price of this product has been declining, with a cumulative decrease of 18.3% from 2022 to 2024, which is compressing the company's profit margins [6][8]. - The company's production and sales rate dropped to 88.09% in 2024, leading to a significant increase in inventory, which reached a book value of 103.3 million yuan, a 69.37% increase from the previous year [6][8]. Group 3: Financial Operations and Cash Flow - The company has distributed a total of 58.88 million yuan in cash dividends prior to its IPO application, raising questions about its financial strategy, especially as it plans to raise 70 million yuan for working capital despite having a cash balance of 412 million yuan at the end of 2024 [9][11]. - The company's asset-liability ratio has significantly improved, dropping to 29.62% by the end of 2024, compared to 76.25% in 2022, indicating a healthier financial position [10][12]. Group 4: Research and Development Concerns - There has been a dramatic increase in R&D expenses and personnel, with R&D costs rising from 11.51 million yuan in 2022 to 47.06 million yuan in 2024, raising concerns about the sustainability and authenticity of these expenditures [13][14]. - The rapid expansion of the R&D team, which grew from 30 to 138 members in two years, has led to skepticism regarding the effectiveness and management of the R&D budget [16]. Group 5: Capital Structure and Investment Risks - The company plans to raise 930 million yuan in its IPO, which exceeds its total assets of 817 million yuan as of the end of 2024, leading to questions about the rationale behind such a large fundraising target [20][21]. - The involvement of external investors like Xiaomi and NIO prior to the IPO, along with special rights clauses that could affect control stability, adds another layer of complexity to the company's capital structure [17][19]. Group 6: Market Position and Competitive Landscape - The company’s largest customer, Suzhou Zhongcheng New Energy, contributed 1.93 billion yuan in sales, accounting for 43.72% of Aiwei Electric's revenue, highlighting the risks associated with customer concentration [23]. - The ongoing price war in the electric vehicle sector is impacting the supply chain, with the company facing increased inventory levels that could pose significant risks to its operations [23].