Group 1: Jiangsu Langxin Electric Co., Ltd. - The company specializes in the research, production, and sales of thermal management system electric drive components, being the largest supplier of electronic fans for passenger car thermal management systems in China [4][6] - The company reported revenue of 130,060.15 million yuan and a net profit of 10,898.19 million yuan for 2024, with a significant increase in revenue from 66,838.18 million yuan in 2021 to 130,060.15 million yuan in 2024 [6][8] - The company has a total of 9 subsidiaries and employs 835 people as of June 2025 [4][6] Group 2: Shareholding Structure - The largest shareholder is Yinlun Co., Ltd., holding 40.67% of the shares, and through a concerted action relationship, it controls 46.01% of the voting rights [5] - The actual controllers of the company are Xu Xiaomin and Xu Zhengzheng, who significantly influence the company's operational decisions [5] Group 3: Financial Performance - The company’s total assets reached approximately 1.67 billion yuan as of June 30, 2025, with total equity of about 685.94 million yuan [7] - The asset-liability ratio improved from 69.19% in 2023 to 56.09% in 2025, indicating better financial stability [7] - The net profit for 2025 is projected to be 13,121.11 million yuan, reflecting a 12.75% increase from 2024 [8] Group 4: Hebei Caike New Materials Technology Co., Ltd. - The company focuses on the research, production, and sales of fine chemical products, with key products including DMSS, DATA, DMAS, and DMS [11] - The company reported revenue of 45,445.98 million yuan and a net profit of 11,336.89 million yuan for 2024, showing growth from 36,075.81 million yuan in 2021 [13] - The company has only one subsidiary and employs 457 people as of June 2025 [11] Group 5: Shareholding Structure - The controlling shareholder is Caike Hong Kong, holding 67.9923% of the shares, with Ge Yi as the actual controller influencing the company's decisions [12] Group 6: Financial Performance - The total assets of the company reached approximately 627.56 million yuan as of June 30, 2025, with total equity of about 525.62 million yuan [14][15] - The net profit for 2025 is projected to be 86,434.60 million yuan, with a significant increase in cash flow from operating activities [15] - The company maintains a high gross margin of 41.27% in 2025, indicating strong pricing power and operational efficiency [15]

Group 1 - Jiangsu Longxin Electric Co., Ltd. (Longxin Electric) disclosed its response to the second round of inquiries, with CITIC Securities as the sponsor and Lixin as the accounting firm [1] - Longxin Electric, established in November 2009, specializes in the research, production, and sales of thermal management system electric drive components, having developed solutions for high efficiency, lightweight, low noise, and low electromagnetic interference [1] - The Beijing Stock Exchange raised concerns regarding the accuracy and completeness of information disclosure, requiring Longxin Electric to provide additional details about its actual controllers and their relationships [1] Group 2 - Longxin Electric's controlling shareholder, Yinlun Co., Ltd., announced on February 2, 2026, that Xu Zhengzheng was retrospectively recognized as a co-actual controller since August 2020 [2] - Since being acquired by Yinlun Co., Ltd. in April 2018, Longxin Electric has had Yinlun as its controlling shareholder, and Xu Zhengzheng has been recognized as a co-actual controller since August 2020 [3] - The actual controllers of Longxin Electric are Xu Xiaomin and Xu Zhengzheng, who collectively control 46.01% of the voting rights through Yinlun and its concerted action party, Tiantai Yinxin [4] Group 3 - Xu Xiaomin, born in 1958, has held various positions in Zhejiang Tiantai Machinery Factory and has been the chairman of Yinlun Co., Ltd. since 1999 [4][5] - Xu Zhengzheng, born in 1989, has held multiple roles within Yinlun Co., Ltd. and has been the vice chairman since August 2020 [5] - Li Junfeng, the father-in-law of Xu Zhengzheng, holds a 1.23% partnership in Zhangjiagang Yinxin No.1 and indirectly owns 0.03% of Longxin Electric [4]

Core Viewpoint - Jiangsu Langxin Electric Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, with significant clients including Geely Group and Chery Automobile, and has responded to inquiries regarding control stability, performance sustainability, and accounts receivable growth [1][3]. Financial Performance - Revenue for the reporting period (2022 to 2024) is projected to be 668 million yuan, 1.031 billion yuan, and 1.301 billion yuan, with net profits of 45.31 million yuan, 81.24 million yuan, and 116.38 million yuan respectively [2]. - In the first half of 2025, the company achieved approximately 595 million yuan in revenue and a net profit of 44.34 million yuan [1]. - Revenue growth rates for 2023, 2024, and the first half of 2025 are 54.25%, 26.16%, and 6.09%, while net profit growth rates are 79.29%, 43.25%, and 1.41% [2][3]. Market Dynamics - The slowdown in the downstream vehicle market has led to a decrease in sales growth for the company's main products, compounded by price reductions due to competitive pressures [3]. - The average selling price of electronic fans has declined, impacting revenue growth and gross margins [3]. Accounts Receivable - Accounts receivable at the end of each reporting period were 323 million yuan, 430 million yuan, and 687 million yuan, representing 48.34%, 41.74%, and 52.78% of revenue respectively [3]. Shareholding Structure - The controlling shareholder of Langxin Electric is Zhejiang Yinlun Machinery Co., Ltd., which holds 46.01% of the voting rights [4]. Related Party Transactions - There are concerns regarding potential competition with subsidiaries of Yinlun Machinery, but Langxin Electric asserts that its operations are distinct and do not harm interests [5][6]. - Sales to the top five customers accounted for 83.08%, 77.22%, and 68.43% of total sales, with the largest customer being Yinlun Group [5].