Core Viewpoint - The company, Shenzhen Futaihe Precision Manufacturing Co., Ltd., has established a comprehensive inventory management system to ensure accurate tracking and reporting of inventory levels across various categories and locations [1][2]. Inventory Management - The company categorizes its inventory into raw materials, work-in-progress, semi-finished goods, consigned processing materials, finished goods, and goods in transit, with specific storage locations and inventory statuses outlined [2]. - The inventory counting system follows a perpetual inventory method, ensuring regular physical counts and reconciliations with accounting records [2][6]. Inventory Counting Procedures - Inventory counting involves pre-count preparations, including assembling a counting team, coordinating with relevant departments, and ensuring that inventory areas are organized and clearly labeled before counting begins [4][6]. - After the counting process, discrepancies are addressed through a review process to determine the causes of any significant differences, ensuring that the physical inventory matches the recorded amounts [6]. Inventory Count Results - At the end of the reporting period, the inventory count confirmed that the physical inventory matched the recorded amounts, with no significant discrepancies identified [5][6]. - The company has implemented internal approval processes for any adjustments resulting from minor discrepancies found during the inventory count [6].

Core Viewpoint - Shenzhen Futaihe Precision Manufacturing Co., Ltd. has completed its first round of inquiry responses regarding its IPO application, raising concerns about its ability to meet the necessary requirements due to the disclosure of 11 betting agreements [2] Group 1: Company Overview - Futaihe was established in 2005 and specializes in the R&D, production, and sales of automotive engine parts, chassis parts, new energy vehicle electric drive components, and home appliance accessories [6] - The company initiated its listing plan after being listed on the New Third Board in 2015, with its IPO application being accepted by the Beijing Stock Exchange on January 20, 2025 [6] Group 2: Financial Obligations and Risks - Futaihe has signed 11 betting agreements with investors, committing to an IPO timeline that has been postponed from the end of 2019 to the end of 2025 due to previous performance declines [6] - The company faces a significant short-term debt pressure, with cash reserves of only 85 million yuan and total short-term debts amounting to 313 million yuan, resulting in a shortfall of 228 million yuan [7] - The company's actual controller is under financial strain, with 14 million yuan in outstanding loans, which could be exacerbated by the obligation to repurchase shares if the IPO fails [7] Group 3: Market Position and Future Outlook - The company has experienced a decline in performance growth and instability in its financial personnel, leading to internal control issues, which raises questions about its ability to successfully navigate the IPO process by the deadline [7] - The recent signing of termination agreements by some investors indicates potential shifts in the company's equity structure, which could have significant implications for its future [6]

Core Viewpoint - Shenzhen Fuhai Precision Manufacturing Co., Ltd. (Fuhai) is attempting to go public on the Beijing Stock Exchange (BSE), but faces significant uncertainties regarding its IPO approval due to various issues, including shareholding stability and financial health [1][2][5] Company Overview - Fuhai, established in 2005, specializes in the research, production, and sales of automotive and home appliance components [11] - The company has been listed on the New Third Board since 2015 and has experienced frequent changes in its financial management team, raising concerns about its financial stability [9][10] Financial Performance - Fuhai's revenue from 2021 to 2024 was reported as follows: 5.44 billion, 5.97 billion, 7.32 billion, and 8.56 billion, with year-on-year growth rates of 16.54%, 9.80%, 22.62%, and 16.98% respectively [11] - The net profit attributable to shareholders for the same period was 0.31 billion, 0.50 billion, 0.54 billion, and 0.76 billion, with growth rates of 20.76%, 61.76%, 7.92%, and 41.96% respectively [11] Shareholding and Governance Issues - Fuhai's actual controllers, including Zhu Jiangping, Zhu Hong, and Wu Jiangzhong, collectively hold 39.65% of the voting rights, raising questions about control stability and governance [7][8] - The company has faced scrutiny over undisclosed shareholding arrangements, particularly regarding Zhu Jiangping's undisclosed holding of 2.06% of shares for his brother, which was only rectified in 2022 [2][3][5] Customer Concentration and Sales Risks - Fuhai's revenue is highly concentrated, with over 60% coming from its top five customers, and approximately 60% of its revenue derived from international markets [10][12] - The company has reported significant sales to major clients such as Bosch and BorgWarner, with sales figures increasing over the years, but faces risks associated with international trade complexities [12][13] Debt and Financial Health - As of the end of 2024, Fuhai's interest-bearing debt was close to 500 million, while its cash reserves were under 100 million, indicating potential liquidity issues [1][13] - The company has consistently distributed cash dividends over the past three years, totaling 4.47 million, 13.40 million, and 17.86 million, despite its rising financial costs [13] IPO Plans - Fuhai plans to raise approximately 330 million through its IPO, with 60 million earmarked for working capital [14]

一、主营汽车零部件、底盘零部件等，前五大客户收入占比逾65% 发行人主要从事汽车发动机零部件、汽车底盘零部件、新能源车电驱零部件、家电卫浴零配件的研发、生产和销售。 报告期内营业利润分别为3,271.49万元、5,270.94万元、7,129.20万元和7,794.85万元，扣除非经常性损益后归属于母公司股东净利润分别为2,826.56万元、4,333.99 万元、5,023.94万元和6,342.04万元。 文/梧桐兄弟 2025年1月20日，北交所受理了深圳市富泰和精密制造股份有限公司的IPO申请，系今年首家IPO获受理企业。公司于2025年2月21日收到首轮问询，截至最新，暂 未披露问询函的回复。 | 项目 | 2024年9月30日 | 2023年12月31日 | 2022年12月31日 | 2021年12月31日 | | --- | --- | --- | --- | --- | | | /2024年1月 -- 9月 | /2023年度 | /2022年度 | /2021年度 | | 资产总计(元) | 1,328,107,506.96 | 1,186,695,378.15 | 995.794.056 ...