Core Viewpoint - Zhejiang Hengdao Technology Co., Ltd. (referred to as "Hengdao Technology") has submitted a prospectus for an IPO on the Beijing Stock Exchange, planning to publicly issue no more than 13.08 million shares. The company's performance growth is characterized by a "single business support" feature, with revenue from hot runner systems consistently accounting for over 96% of total revenue, while its gross profit margin has declined from 56.15% to 50.95% over the years. Despite the declining gross margin, Hengdao Technology's profitability remains significantly higher than comparable products in the industry, raising concerns from the Beijing Stock Exchange [2][5]. Business Performance - From 2022 to 2024, Hengdao Technology achieved operating revenues of 143 million yuan, 168 million yuan, and 234 million yuan, with net profits of 38.70 million yuan, 48.68 million yuan, and 68.87 million yuan, indicating continuous growth [3]. - The revenue structure is heavily reliant on hot runner systems, which generated sales of 137.18 million yuan, 163.02 million yuan, and 225.88 million yuan during the reporting period, accounting for 96.41%, 97.03%, and 96.84% of total revenue respectively [3][4]. Gross Profit Margin - Hengdao Technology's gross profit margin has been on a downward trend, recorded at 56.15%, 55.17%, and 50.95% over the reporting period, with a decline of 5.2 percentage points from 2022 to 2024 [4][5]. - Despite the declining gross margin, Hengdao Technology's hot runner systems maintain a higher gross margin compared to similar products from industry peers, prompting inquiries from the Beijing Stock Exchange regarding the rationale behind this [5]. Accounts Receivable - Hengdao Technology has faced challenges with accounts receivable, with net cash flow from operating activities of 5.53 million yuan, -2.91 million yuan, and 14.71 million yuan, indicating a low quality of earnings [6]. - The accounts receivable balance has been increasing, reaching 105.82 million yuan, 135.26 million yuan, and 178.65 million yuan at the end of 2022, 2023, and 2024 respectively, with over 50% of accounts receivable consistently overdue [6][7]. Credit Policy - The company has a more lenient credit policy compared to its peers, with over half of its accounts receivable overdue, raising concerns about the sustainability of this approach [7][8]. - The Beijing Stock Exchange has requested explanations regarding the rationale behind Hengdao Technology's more lenient credit policy and its potential impacts, as well as the company's response to any requests for further relaxation of credit terms from clients [8].

热流道（ Hot Runner Systems ）是在注塑模具中使用的，将融化的塑料粒子注入到模具的型腔中的加热组件系统。 热流道模具是将传统 式模具或三板式模具的浇道与流道经过加热，于每一成形时即不需要取出流道和浇道的一种崭新构造。 热流道行业发展总体概况 热流道在众多行业得到了极为广泛的应用。从日常生活中的塑料制品，到高端的电子设备、汽车零部件等生产领域，热流道系统都发挥 着不可或缺的作用。 全球热流道系统市场展现出极为鲜明的行业集中性与区域分化特征。在 2024 年，汽车行业以 34.83% 的全球市场份额傲然稳居需求首 位。新能源汽车的迅猛发展，促使其对轻量化的追求达到了新高度。热流道系统能够通过优化注塑工艺，有效减轻汽车零部件的重量， 同时不影响其性能，这为新能源汽车实现更长续航里程提供了有力支持。此外，智能车灯技术的快速迭代，对车灯注塑件的精度和质量 提出了严苛要求，热流道系统凭借其精准的温度控制和稳定的熔体输送，成为满足这些需求的关键技术，进而推动了汽车行业对热流道 系统的强劲需求。 在消费市场方面，全球消费增速处于相对平稳的态势。中国、欧洲和北美凭借其庞大的消费群体、成熟的工业体系以及较高的技 ...