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]

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 ...