Core Viewpoint - Shenzhen Toptech Technology Co., Ltd. (referred to as "Toptech" or "the issuer") is undergoing a second round of review for its listing application on the Beijing Stock Exchange, focusing on the authenticity of its significant revenue growth and related party transactions [1][3]. Group 1: Revenue Growth - The primary driver of revenue growth for Toptech is attributed to major clients, with a reported revenue of 568 million yuan for the first half of 2025, representing a year-on-year increase of 22.41% [3]. - The sales increase is significantly influenced by a single client, Zongheng Electromechanical, which contributed 12.47% to the growth, with sales soaring from 19.63 million yuan in the first half of the previous year to 77.53 million yuan, marking a staggering increase of 294.91% [3][4]. Group 2: Profitability and Financial Performance - Toptech's Vietnam subsidiary, which had consecutive losses in 2021 and 2022, turned profitable in 2023 and 2024, with net profit rising from a loss of 4.90 million yuan in 2022 to a profit of 39.01 million yuan in 2024, and further increasing to 24.56 million yuan in the first half of 2025 [3][4]. - The revenue from the Vietnam subsidiary is heavily reliant on TTI, which is the largest customer for the company's consumer products, raising questions about the authenticity of customs data versus reported sales [4][5]. Group 3: Related Party Transactions - The issuer's second-largest shareholder, Zhong Mingyu, acquired shares at a price of 16.13 yuan per share in April 2021, currently holding 5.36% of the company [5][6]. - The company asserts that all transactions with Zhong Mingyu and his controlled entities are reasonable and fair, denying any allegations of profit transfer or non-arm's length transactions [6].