Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. is currently pursuing an A-share IPO, with significant growth in performance during the reporting period (2022-2024), but facing high accounts receivable and inventory impairment losses, particularly related to the Neta automobile project. Financial Performance - Revenue for Zhixin Co. during 2022, 2023, and 2024 was 2.091 billion, 2.564 billion, and 3.088 billion respectively, with net profit attributable to the parent company of 52.25 million, 120 million, and 185 million respectively [2] - Other income for the same years was 197.42 million, 277.47 million, and 431.14 million, accounting for 28.87%, 18.25%, and 19.45% of operating profit [2] - Expected credit losses for accounts receivable were 48.77 million, 52.64 million, and 79.42 million, with net accounts receivable reaching 863 million, 929 million, and 1.133 billion, representing 27.39%, 27.14%, and 29.90% of total assets at year-end [2][3] Accounts Receivable and Inventory Losses - Bad debt losses from accounts receivable were 14.32 million, 4.13 million, and 25.34 million for the years 2022, 2023, and 2024, with significant losses in 2024 attributed to the Neta automobile project [3] - Inventory impairment losses increased from 36.54 million in 2022 and 33.63 million in 2023 to 72.61 million in 2024, primarily due to asset impairment related to the Neta automobile project [3] Production and Labor Practices - The company employed a significant number of labor dispatch personnel, with 606, 175, and 221 workers in 2022, 2023, and 2024, respectively, accounting for 21.24%, 5.75%, and 5.79% of total workforce [4] - The outsourcing processing model was utilized, with outsourcing amounts as a percentage of total procurement increasing from 3.81% in 2022 to 4.60% in 2024 [4] Key Customers and Suppliers - Changan Ford Motor Co., Ltd. appeared as a significant player among the top five customers and suppliers of Zhixin Co., being the third largest customer in 2022, fourth in 2023, and fifth in 2024, while also being the largest supplier in 2022 [4]