Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. (referred to as "Jianxin Superconductor") faces multiple potential risks in its pursuit of an IPO on the Sci-Tech Innovation Board, raising concerns about its "hard technology" credibility and listing motivations [1] Group 1: Supply Chain and Customer Dependency - Jianxin Superconductor is in a weak position within the industry chain, with high customer and supplier concentration. The top five customers contributed nearly 80% of revenue, with the largest customer, Fujifilm Group, accounting for over 40% [1] - The company relies significantly on its top five raw material suppliers, which account for about 60% of purchases, leading to weak bargaining power and a gross margin of only 19.56%-24.94%, less than half the industry average of approximately 45% [1] Group 2: Lack of Technological Moat - The company has insufficient R&D investment, with R&D expense ratios of only 5.66%, 5.42%, and 6.50% from 2022 to 2024, which is less than one-third of comparable peers (14%-18%) [2] - Jianxin Superconductor holds only 42 invention patents, while competitors like United Imaging Healthcare have 3,475 patents, indicating a significant technological gap [2] - The core technology is protected by only 42 patents and confidentiality agreements, posing a risk of losing competitive advantage if key personnel are poached or if there is a leak [2] Group 3: Inventory Backlog and Liquidity Risk - The company's inventory surged from 182 million to 319 million yuan, accounting for over 30% of current assets, with inventory turnover days exceeding 200 [3] - The rapid iteration of superconducting magnet technology raises the risk of existing inventory becoming obsolete, yet the company has only recognized a write-down of 7.18 million yuan for inventory depreciation [3] - Accounts receivable have consistently exceeded 20% of revenue, which could exacerbate liquidity issues if downstream customers face financial difficulties [3] Group 4: Dividend Payouts and Fundraising Contradictions - Despite claiming a need to raise 90 million yuan for liquidity, the company distributed 59.99 million yuan in dividends over the past three years, with the chairman personally receiving 24.91 million yuan [4] - This "left hand dividend, right hand fundraising" approach raises questions about the rationality of its capital operation logic, especially given the average working capital ratio of 58.13% of revenue [4] Group 5: Policy Dependence and International Competitive Pressure - The company relies on a 15% income tax incentive for high-tech enterprises, with tax benefits accounting for 18% of total profits in 2024, making it vulnerable to policy changes [5] - With over 90% dependence on imported liquid helium, fluctuations in the international supply chain could disrupt production [5] - Although the company holds a 4.2% global market share, it faces significant pressure from international giants like Siemens and GE, which could squeeze its market position [5] Conclusion - The risk profile of Jianxin Superconductor's IPO journey includes both visible operational crises and hidden long-term concerns related to technological iteration and industry transformation [6]

Group 1: Superconductivity and Its Impact - Superconductivity is poised to revolutionize technology and daily life, enabling advancements such as wireless charging for electric vehicles, superconducting propulsion systems for electric aircraft, and magnetic levitation trains capable of speeds up to 1000 km/h [1] - The potential of superconductivity extends to agriculture, with the possibility of transforming arid regions into fertile land through the use of fusion energy [1] Group 2: Controlled Nuclear Fusion - Controlled nuclear fusion is recognized as a critical strategic direction for future energy solutions, with superconducting magnets playing a key role in magnetic confinement fusion technology [2] - The extreme conditions within fusion devices, including temperatures exceeding 100 million degrees Celsius for plasma and the need for superconducting magnets to operate below -200 degrees Celsius, present significant engineering challenges [2] - Recent advancements in high-temperature superconducting materials are crucial for achieving breakthroughs in fusion technology and commercial power generation [2] Group 3: Superconducting Maglev Trains - China's high-speed superconducting maglev trains, currently testing at speeds of 600 km/h, are approaching the limits of atmospheric conditions [3] - The elimination of mechanical friction through superconducting technology, combined with low vacuum environments, allows for theoretical speeds exceeding 1000 km/h, creating a potential one-hour economic zone between major cities [3] Group 4: Electric Aircraft - The electrification of transportation is advancing, with high-temperature superconducting materials significantly enhancing the power density of electric propulsion systems for aircraft [4] - Countries like France, the USA, and Russia are progressively integrating high-temperature superconducting technology into their aircraft, while China is also developing superconducting systems for electric planes [4] - The lack of efficient superconducting motors and generators remains a common challenge in electric aircraft development, presenting strategic opportunities for breakthroughs in this sector [4]