Core Viewpoint - The company Shuanglin Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for expanding overseas production capacity, establishing an international sales network, and investing in emerging fields, despite facing a "revenue growth without profit" situation in Q2 of this year [1][6]. Group 1: Company Overview - Shuanglin Co., Ltd. is a manufacturer of intelligent transmission and drive components, providing products to both domestic and international automotive markets [2]. - The company is the second-largest global supplier of automotive seat HDMs (Horizontal Drive Mechanisms) with a market share of 15.1% and the largest in China with a market share of 32.8% [3]. - Shuanglin is also the ninth-largest global supplier of wheel hub bearings, holding a 2.2% global market share and a 6.9% market share in China [3]. Group 2: Financial Performance - The company's revenue for the reporting periods was 4.185 billion RMB, 4.139 billion RMB, 4.910 billion RMB, and 2.525 billion RMB, with net profits of 75 million RMB, 81 million RMB, 497 million RMB, and 287 million RMB respectively [6]. - In Q2 of this year, despite a 19.14% year-on-year revenue growth, the net profit decreased by 25.08%, indicating a "revenue growth without profit" scenario [6]. Group 3: Revenue Composition - The majority of Shuanglin's revenue comes from intelligent transmission and drive components, accounting for 60.3%, 55.1%, 58.0%, and 58.9% of total revenue in the respective years [3][5]. - The company has a significant reliance on its top five customers, with their revenue contributions being 50.6%, 52.9%, 56.5%, and 54.3% of total revenue across the reporting periods [8]. Group 4: Emerging Business Areas - Shuanglin has expanded into the humanoid robot sector, viewing it as a "second growth curve" for the automotive parts industry [11]. - The company has developed products suitable for humanoid robots and has established a pilot production line, aiming for an annual output of 12,000 sets by the end of 2024 [11]. Group 5: Customer and Supplier Dynamics - There is a notable overlap between Shuanglin's customers and suppliers, which is common in the automotive parts industry [8][12]. - The company has reported that several major customers are also suppliers, indicating a frequent collaboration in the supply chain [8][12].