Core Viewpoint - Tianxingjian New Materials Co., Ltd. is racing against time to go public on the Beijing Stock Exchange, facing significant performance challenges and potential buyback obligations if it fails to list by December 31, 2025 [1][2]. Financial Performance - The company's revenue for the years 2022 to 2024 was 832 million, 934 million, and 1.129 billion respectively, while net profits were 61.8 million, 82.9 million, and 63.5 million, indicating a 23.36% decline in net profit for 2024 [2][6]. - The gross profit margin decreased from 22.25% in 2023 to 16.09% in 2024, primarily due to a drop in product prices exceeding the decline in raw material costs [3][4]. Customer Dependency - The company heavily relies on BYD as its largest customer, with sales to the top five customers accounting for 44.83%, 50.04%, and 51.31% of total revenue from 2022 to 2024, and sales to BYD alone making up 26.22%, 37.29%, and 41.70% respectively [4][5]. Accounts Receivable and Liquidity - Accounts receivable increased from 432 million to 631 million from 2022 to 2024, with the ratio of accounts receivable to revenue rising from 51.93% to 55.90% [5][6]. - The company's accounts receivable turnover rates were significantly lower than industry averages, indicating liquidity challenges [5][6]. Dividend Policy - In September 2024, the company distributed a cash dividend of 16.28 million, which is a small percentage (6.72%) of the retained earnings, asserting that it would not adversely affect financial stability [6]. Future Outlook - Despite a slight revenue increase of 1.13% to 472 million in the first half of 2025, net profit declined by 5.35%, with the company aiming to enhance its market share among existing electric vehicle clients and strengthen its position in the 3C electronics sector [6].