Core Viewpoint - Torrens Precision Manufacturing (Jiangsu) Co., Ltd. has received approval for its IPO on the ChiNext board, aiming to raise 1.156 billion yuan for manufacturing and R&D projects, as well as to supplement working capital [1] Group 1: Company Overview - Torrens is a leading comprehensive service provider in the R&D, production, and sales of precision metal components, focusing on high-performance key process components for semiconductor equipment [1] - The company also covers the laser equipment field, providing necessary components for high-power lasers [1] Group 2: Financial Performance - From 2022 to 2025, Torrens achieved operating revenues of 283 million yuan, 291 million yuan, 610 million yuan, and 373 million yuan respectively [2] - The net profit attributable to the parent company for the same period was 34 million yuan, 15 million yuan, 106 million yuan, and 61 million yuan respectively [2] - The company’s total assets increased from 400.29 million yuan in 2022 to 1.365 billion yuan in 2025 [2] Group 3: Shareholding Structure - Qian Ke holds 100% of Torrens Shanghai and controls 48.2357% of the voting rights through direct and indirect shareholding [4] - Qian Ke is the actual controller of the company [4] Group 4: Management Background - Qian Ke has extensive experience, having served in various managerial roles since 2003, including positions at UFO Engineering, Shanghai Jinggong Precision Instruments, and Torrens [5] - In 2024, Qian Ke's compensation was reported at 2.4854 million yuan [6]

Core Viewpoint - Torrens Precision Manufacturing (Jiangsu) Co., Ltd. has initiated its IPO process on the Shenzhen Stock Exchange, aiming to raise approximately 1.156 billion yuan for precision component manufacturing and R&D projects, as well as to supplement working capital [1][3]. Group 1: Company Overview - Torrens is a comprehensive service provider engaged in the R&D, production, and sales of precision metal components, focusing on high-performance parts for semiconductor equipment [3]. - The company’s product offerings include key process components, structural components, gas pipelines, and system assembly products, with capabilities extending to laser equipment [3]. Group 2: Financial Performance - The company reported steady revenue growth, with revenues of 283 million yuan in 2022, 291 million yuan in 2023, 610 million yuan in 2024, and 373 million yuan in the first half of 2025 [3]. - Net profit saw a significant decline in 2023 to 15.3 million yuan but is projected to rebound to 106 million yuan in 2024 [3]. Group 3: Customer Concentration Risk - Torrens faces notable customer concentration risk, with the top five customers accounting for 94.78% to 89.70% of sales during the reporting period [4]. - The primary customer, North Huachuang, increased its sales contribution from 129 million yuan in 2022 to 316 million yuan in 2024, representing 52.11% of total sales [4]. Group 4: Production Capacity and Utilization - The company’s production capacity utilization reached 97.57% in 2024 and remained high at 90.45% in the first half of 2025, indicating near-saturation of existing capacity [4]. - Torrens plans to use 880 million yuan of the IPO proceeds for precision component intelligent manufacturing projects and 770 million yuan for R&D center construction [4]. Group 5: Accounts Receivable and Inventory Management - Accounts receivable increased significantly from 52.19 million yuan at the end of 2022 to 269 million yuan by mid-2025, with the proportion of accounts receivable to revenue rising from 18.43% to 71.90% [5]. - Inventory values also grew from 81.6 million yuan to 173 million yuan over the same period, with inventory turnover declining from 2.68 times to 1.52 times [5][6]. Group 6: Related Party Transactions - Torrens engaged in related party transactions with entities controlled by its actual controller, with procurement amounting to 17.97 million yuan in the first half of 2025, representing 6.89% of operating costs [6]. - The company asserts that transaction prices are negotiated based on market levels, but there are risks associated with the effectiveness of internal controls [6].

Core Viewpoint - Torrens Precision Manufacturing (Jiangsu) Co., Ltd. has received acceptance for its IPO on the ChiNext board, focusing on high-performance key process components for semiconductor equipment and laser equipment [1] Financial Performance - The company reported revenues of 283 million yuan in 2022, 291 million yuan in 2023, and projected 610 million yuan in 2024, indicating a growth of 109.94% in 2024 compared to 2023 [1] - Net profit figures are 33.95 million yuan for 2022, 15.30 million yuan for 2023, and an expected 106 million yuan for 2024, reflecting a significant increase of 589.45% year-on-year in 2024 [1] Key Financial Metrics - Revenue (in ten thousand yuan) for 2024 is projected at 61,005.34, compared to 29,058.13 in 2023 and 28,321.68 in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 10,551.79, up from 1,530.47 in 2023 and 3,394.53 in 2022 [1] - Basic earnings per share for 2024 is projected at 0.81 yuan, compared to 0.20 yuan in 2023 and 0.57 yuan in 2022 [1] - The weighted average return on equity for 2024 is expected to be 20.28%, a significant increase from 5.63% in 2023 and 80.50% in 2022 [1] - The net cash flow from operating activities for 2024 is projected at 55,924.44, improving from -49,433.5 in 2023 and -77,982.9 in 2022 [1]