Overview - Bethel Automotive Safety Systems Co., Ltd. is issuing convertible bonds totaling 280,200 million yuan (28,020,000 bonds) [4][8] - The bonds will be listed on the Shanghai Stock Exchange on July 28, 2025 [4][9] - The bonds have a maturity period from July 1, 2025, to June 30, 2031, with a conversion period from January 7, 2026, to June 30, 2031 [4][8] Company Information - The registered capital of Bethel Automotive Safety Systems Co., Ltd. is 606.51 million yuan [9] - The company was established on June 25, 2004, and went public on April 27, 2018 [9] - The company specializes in the research, manufacturing, and sales of automotive safety system components, electronic control modules, and related consulting services [9] Bond Details - The convertible bond is named "伯 25 转债" with the code 113696 [4][9] - The bonds are rated AA by Zhongzheng Pengyuan Credit Rating Co., Ltd., with a stable outlook [5][6] - The bonds are unsecured and will not provide any guarantees [5] Issuance Process - The issuance will prioritize existing shareholders, with any remaining bonds available to the public through the Shanghai Stock Exchange [8][9] - If the subscription amount is less than 280,200 million yuan, the lead underwriters will underwrite the shortfall [8] Historical Context - The company previously issued convertible bonds totaling 90,200 million yuan in 2021, which were listed on July 21, 2021 [20] - The company has a history of share repurchase and employee stock ownership plans, indicating a commitment to shareholder value [15][21][28]

Core Viewpoint - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., is accelerating its IPO process on the Shenzhen Stock Exchange, focusing on automotive safety systems, but faces concerns regarding its high accounts receivable and inventory levels, which each account for about 20% of total assets, raising questions about potential liquidity risks [1][2][3]. Group 1: Financial Performance - The company reported revenues of 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan for the years 2022 to 2024, with net profits of 97 million yuan, 236 million yuan, and 269 million yuan respectively [2]. - Accounts receivable values were 622 million yuan, 576 million yuan, and 599 million yuan for the same period, representing 27.49%, 21.95%, and 21.11% of total assets [3]. - Inventory balances were 612 million yuan, 724 million yuan, and 543 million yuan, accounting for 27.07%, 27.60%, and 19.13% of total assets [4]. Group 2: Market Position and Product Offering - The company is one of the few in China capable of developing active safety systems such as ABS, ESC, EBS, EPB, and ECAS, with its products widely used in commercial vehicles, passenger cars, and motorcycles [2][3]. - The company has established partnerships with major domestic automotive manufacturers, including FAW Jiefang, China National Heavy Duty Truck Group, and Dongfeng Motor Group, and is also exporting to markets in Europe and the United States [6][7]. Group 3: Industry Data and Trends - The company’s prospectus references outdated industry data, including reports from 2020, which raises concerns among industry experts about the accuracy and relevance of the information presented [5][7]. - The commercial vehicle market in China saw sales of 4.031 million units in 2023, a 22.13% increase year-on-year, with the company capturing a market share of 24.00%, 23.72%, and 27.92% for its ABS, ESC, and EBS products from 2021 to 2023 [5][7]. - The global automotive market is experiencing steady growth, with production and sales figures increasing, particularly in emerging markets where demand is expected to rise significantly [10].

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 1.52162 billion yuan, with CITIC Securities as its sponsor [1] Company Overview - Ruili Kemi specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, and is recognized as a national high-tech enterprise [1] - The company has developed capabilities in the forward development of various active safety systems, including ABS, ESC, EBS, EPB, and ECAS, making it one of the few domestic companies with such expertise [1] Market Position - Ruili Kemi's products cover mainstream technology routes such as pneumatic braking, hydraulic braking, electronic control braking, and wire control braking, widely used in commercial vehicles, passenger cars, and motorcycles [1] - The company has maintained the leading position in the market for its pneumatic electronic control braking products, with production and sales of ABS ranking first in the industry for ten consecutive years from 2014 to 2023 [2] Financial Performance - The company reported sales of commercial vehicles of 3.3005 million, 4.031 million, and 3.873 million units over the last three years, with market shares for ABS, ESC, and EBS products in the commercial vehicle sector at 24.00%, 23.72%, and 27.92% respectively [2] - Projected revenues for 2022, 2023, and 2024 are approximately 1.326 billion yuan, 1.76 billion yuan, and 1.977 billion yuan, with net profits of about 105 million yuan, 239 million yuan, and 275 million yuan respectively [3] Investment Projects - The total investment for the projects funded by the IPO proceeds includes the establishment of an intelligent electronic control system headquarters in the Greater Bay Area, a research and development center, and information technology construction, totaling approximately 152.16 million yuan [3] Financial Metrics - As of December 31, 2024, the total assets are projected to be approximately 2.8379349 billion yuan, with total equity attributable to the parent company at around 1.6995196 billion yuan [4] - The company’s operating revenue for 2024 is expected to reach approximately 1.9773723 billion yuan, with a net profit of about 2747974 million yuan [4] - The basic and diluted earnings per share are projected to be 1.99 yuan for 2024, with a return on equity of 17.20% [4]