Core Viewpoint - The article highlights the potential risks and challenges faced by Hengtong Optical, a company seeking to go public on the Beijing Stock Exchange, including issues related to overseas subsidiaries, high customer concentration, declining R&D investment, and pressure from performance agreements [1][3]. Group 1: Overseas Subsidiary Issues - Hengtong Optical has a complex situation with its overseas subsidiaries, including instances of shareholding proxies in Singapore and Thailand [4]. - Regulatory authorities are concerned about the shareholding proxy arrangements and have requested detailed explanations regarding the unbundling process and compliance with overseas investment regulations [5][7]. Group 2: Performance Agreement Pressures - The company's IPO is significantly influenced by a performance agreement that mandates share buyback obligations, which are suspended only upon the acceptance of the IPO application [8]. - If the IPO fails or is withdrawn, the buyback obligations will be reinstated, placing immense pressure on the actual controller, Chen Jianwei, to ensure a successful IPO [9]. Group 3: Customer Concentration Risks - Hengtong Optical exhibits a high dependency on major customers, with nearly 80% of sales in the first half of 2025 coming from the top five clients, and the largest client, AFL, accounting for 58.22% [10][11]. - This dependency has increased over the year, raising concerns about the company's operational independence, as AFL is also the primary supplier [12]. Group 4: Revenue Authenticity Concerns - The Beijing Stock Exchange has raised questions regarding the authenticity of Hengtong Optical's revenue growth, noting that sales to AFL have surged disproportionately compared to AFL's own revenue growth [14][15][16]. Group 5: Declining R&D Investment - Hengtong Optical's R&D expenditure has decreased from 7.26% in 2022 to 4% in 2024, significantly below industry averages [17][19]. - The company has a low percentage of employees with higher education, which may hinder its innovation capabilities [20]. Group 6: Financial Control Issues - The company has faced multiple financial control issues, including instances of related parties making payments on its behalf and using personal accounts for company transactions [21][22]. Group 7: Deteriorating Debt Servicing Ability - Hengtong Optical's liquidity ratios have worsened, with the current ratio dropping from 1.98 in 2022 to 1.17 in 2024, and the quick ratio falling to 0.85 [24]. - The company's debt-to-asset ratio has increased significantly, indicating a higher financial risk compared to industry averages [26]. Group 8: Supplier Concerns - One of Hengtong Optical's main suppliers, Shenzhen Huatianda Information Technology Co., Ltd., reported zero employees insured, raising questions about the legitimacy of transactions with this supplier [28][30]. Group 9: Fundraising Challenges - The company has reduced its fundraising target from 651 million yuan to 494 million yuan, a decrease of 24%, indicating a lack of market confidence [31]. - Despite the reduced fundraising, the company has distributed cash dividends totaling 37.13 million yuan during the reporting period, contrasting with its need for liquidity [33].

瑞财经 吴文婷近日，弥富科技（浙江）股份有限公司（以下简称"弥富科技"）在北交所披露IPO审核问询函的回复，保荐机构为中信建投证券股份有限公 司。 根据申请文件，弥富科技的实际控制人顾强、顾留贵、王乃军及其一致行动人合计控制公司86.31%股权，报告期内存在资金占用等公司治理不规范情形。 其中，顾强与王乃军系夫妻关系，顾留贵与顾强系父子关系。顾强担任董事长、总经理，王乃军担任董事、副总经理，顾留贵担任安全督察员。 对此，弥富科技表示，前述财务内控不规范情况发生后，公司积极对公司治理制度进行了完善整改，公司财务内控不规范行为未对公司财务报告的真实性、 准确性、完整性产生影响，不存在财务报告内部控制重大缺陷，不属于重大违法违规行为，且已得到有效整改规范，公司内控整体健全有效。 资料显示，弥富科技的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。 业绩方面，2022年-2024年，弥富科技实现营收分别为1.38亿元、2.02亿元、2.73亿元 ...

Core Viewpoint - Ningbo Nengzhiguang New Material Technology Co., Ltd. is facing scrutiny ahead of its IPO on the Beijing Stock Exchange due to significant discrepancies in its financial performance and internal control issues, raising concerns about the sustainability of its growth and the integrity of its financial reporting [1][8][12]. Financial Performance - From 2022 to 2024, the company's compound annual growth rate (CAGR) for net profit excluding non-recurring items reached 79.3%, while revenue growth was only 4.88% [3][6]. - In Q1 2025, the company reported a revenue decline of 3.53% to 133 million yuan and a net profit drop of 23.21% to 11.89 million yuan, raising questions about its profitability stability [1][8]. - The company attributed the 2023 profit surge to an increase in gross margin, which rose from 12.03% in 2022 to 16.85% in 2023, but this has been met with skepticism from regulators [8][12]. Internal Control Issues - The company has faced significant internal control deficiencies, including the use of employee personal accounts to collect customer deposits, amounting to 711,300 yuan, which has been flagged as a violation of financial management practices [2][12]. - Despite claims of rectification, the persistence of internal control issues has led to doubts about the company's financial compliance and governance [12][14]. - The actual controller's daughter initially refused to provide financial transaction records, citing personal privacy, which raised further concerns about transparency [9][10][11]. Regulatory Scrutiny - The Beijing Stock Exchange has issued inquiries regarding the company's financial data, particularly the unusual profit spikes in 2023 and the subsequent decline in 2025, questioning the sustainability of its growth and the authenticity of its financial practices [1][8][12]. - The company is required to demonstrate the legitimacy of its financial performance and address concerns about potential profit manipulation or one-time gains [8][12].