Core Viewpoint - Yuan Chuang Technology Co., Ltd. is seeking to go public on the Shenzhen Stock Exchange, focusing on rubber track products with a high customer concentration risk [1] Group 1: Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including agricultural machinery rubber tracks, engineering machinery rubber tracks, and rubber track plates [1] - The company's major clients include Wode Agricultural Machinery, USCO SPA, SANY Heavy Industry, and XCMG [1] Group 2: Financial Performance - During the reporting period, the company's operating revenues were 1.261 billion, 1.141 billion, and 1.349 billion yuan, with gross profit margins of 21.58%, 28.28%, and 22.75% respectively, showing fluctuations due to raw material price changes and product pricing adjustments [4] - The net profit attributable to the parent company was 139 million, 178 million, and 155 million yuan, with a decline in 2024 due to rising raw material costs and competitive pricing pressures [4] Group 3: Customer Concentration and Risks - The revenue from the top five customers accounted for 50.10%, 46.56%, and 49.94% of total operating income during the reporting period, indicating a high customer concentration risk [6] - Accounts receivable at the end of each reporting period were 447 million, 355 million, and 480 million yuan, representing 35.43%, 31.09%, and 35.56% of operating income, with overdue accounts receivable ratios of 20.71%, 13.24%, and 13.52% [6] Group 4: Fundraising and Investment Plans - The company plans to raise approximately 485 million yuan through the IPO, which will be allocated to production base construction, technology center development, and working capital supplementation [6][7]