Core Viewpoint - The article discusses the financial performance and operational details of Beijing Weitongli Electric Co., Ltd. and Shenzhen Peicheng Electronic Technology Co., Ltd., highlighting their revenue, net profit, and challenges faced in the market. Group 1: Beijing Weitongli Electric Co., Ltd. - The company specializes in hard connections, flexible connections, contact components, laminated busbars, CCS series electric connection products, and synchronous decomposers [4] - In 2024, the company reported a revenue of 239,037.80 million yuan and a net profit of 27,080.17 million yuan, showing significant growth from previous years [6] - The company has a total of 2,956 employees and operates with a controlling shareholder, Huang Haoyun, who holds 68.33% of the voting rights [5][4] - The company’s revenue for the past four years was 143,677.53 million yuan, 169,868.62 million yuan, 239,037.80 million yuan, and 140,972.99 million yuan, with net profits of 11,331.88 million yuan, 17,896.88 million yuan, 27,080.17 million yuan, and 14,297.21 million yuan respectively [6] Group 2: Shenzhen Peicheng Electronic Technology Co., Ltd. - The company focuses on the independent research, production, and sales of third-party battery power control systems (BMS, PCS) and provides component application solutions [11] - In 2024, the company achieved a revenue of 73,288.51 million yuan and a net profit of 9,229.64 million yuan, with a year-on-year decline of 4.02% in revenue and 20.13% in net profit [14] - The company has a controlling shareholder, Yan Xiaohan, who holds 77.01% of the shares [12] - The company’s revenue for the past three years was 8.5023 billion yuan, 7.6359 billion yuan, and 7.3289 billion yuan, with net profits of 1.0077 billion yuan, 1.1555 billion yuan, and 0.9230 billion yuan respectively [14] - The company plans to raise 500 million yuan through an IPO, with funds allocated for capacity enhancement projects and research center construction [23][24]

Core Viewpoint - Shenzhen Peicheng Electronic Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of battery power control systems and component application solutions, with a strong emphasis on innovation and technology [1][4]. Financial Performance - In the first half of 2025, the company achieved a revenue of 574.08 million yuan, a decrease from 732.89 million yuan in 2024, reflecting a year-on-year decline of 4.02%. The net profit attributable to the parent company was 81.68 million yuan, down 20.13% from the previous year [4]. - The company's revenue from battery power control systems was 371.89 million yuan, accounting for 64.78% of total revenue, while component application solutions generated 202.18 million yuan, making up 35.22% [3]. - The company reported a significant increase in revenue for the first nine months of 2025, reaching 885.53 million yuan, a growth of 76.49% year-on-year, driven by increased demand from downstream customers [4]. Client Relationships - BYD, a significant client in previous years, is no longer among the top five customers in the first half of 2025, although it remains the second-largest debtor in accounts receivable [7][10]. - The top five clients in 2025 accounted for 26.38% of total revenue, with the largest client contributing 8.49% [8]. Human Resources - The company has a total of 611 employees, with only two core technical personnel, both holding associate degrees, which raises concerns about the depth of technical expertise [13][14]. IPO and Fundraising - The company plans to raise 500 million yuan through its IPO, with 620 million yuan allocated for working capital and the remainder for capacity enhancement projects and R&D center construction [17][20]. - The feasibility and necessity of the fundraising projects have been highlighted as key points of inquiry by the Beijing Stock Exchange [17][21]. Asset Management - As of June 30, 2025, the company's fixed assets, particularly machinery and equipment, have a book value of 650.78 million yuan, representing 81.41% of total fixed assets [24][26]. - The company operates primarily on a light asset model, with most production and operational sites being leased rather than owned [24][26].