瞭望塔财经近日获悉，广东华汇智能装备股份有限公司（以下简称"华汇智能"）的上市之路已至关键节点。北京证券交易所上市委员会定于2026年2月4日上 午9时召开审议会议，专门审议其公开发行股票并在北交所上市的申请。 在锂电设备行业整体承压的背景下，华汇智能在2022年至2024年间却录得了营业收入年均复合增长率近50%的逆势增长。然而，亮眼的增速背后，其高达 97%以上的客户集中度、持续为负的经营活动现金流，以及实际控制人家庭成员间复杂的任职与股权安排，构成了此次上会前必须厘清的重重疑问。 瞭望塔财经深入分析其最新招股书与问询函回复发现，公司的增长叙事与潜在的经营风险、治理隐忧交织在一起，其IPO成色将面临严格检验。 1、实控权迷雾 张思沅、张思友兄弟二人目前合计控制华汇智能75.84%的股份。根据招股书，两人为兄弟关系，并签署了《一致行动协议》，规定若双方意见不一致时， 以张思沅的意见为准。 更令人关注的是，2018年4月，张思沅将其子张耀城引入公司，转让了30%股权，并让他担任法定代表人、执行董事。奇怪的是，公司在报告期初并未将张 耀城认定为共同实际控制人。 股权代持的背后可能意味着张思沅从一开始就试图保持对 ...

Core Viewpoint - Guangdong Huahui Intelligent Equipment Co., Ltd. (Huahui Intelligent) has responded to the second round of inquiry from the Beijing Stock Exchange regarding its IPO, with a focus on the accuracy of the identification of its actual controllers [1] Group 1: Company Overview - Huahui Intelligent was established in 2020 with a registered capital of 22.627 million yuan, specializing in the research, production, and sales of high-end intelligent equipment and key components [1] - The main products of the company include nano sand mills, grinding systems, and mechanical seals, with key clients such as Hunan Youneng and Wanrun New Energy [1] Group 2: Shareholding Structure - The actual controllers of Huahui Intelligent are Zhang Siyuan (Chairman and General Manager) and Zhang Siyou (Deputy General Manager), who collectively control 75.84% of the company's shares [1] - The shareholding changes of Zhang Yaocheng, who was involved in the company’s management, indicate a series of transfers and adjustments from 2018 to 2022, reflecting family arrangements and capital contributions [2][4] Group 3: Inquiry Response - The Beijing Stock Exchange has requested clarification on the identification of actual controllers, particularly regarding the family shareholding arrangements and Zhang Yaocheng's role in the company [3] - Huahui Intelligent clarified that from April 2018 to April 2022, Zhang Yaocheng held nominal positions but did not participate in actual management decisions, serving primarily as an assistant [3]

Group 1 - The core point of the article is that Guangdong Huahui Intelligent Equipment Co., Ltd. has disclosed the second round of inquiry from the Beijing Stock Exchange regarding its IPO, with questions focusing on the accuracy of the identification of its actual controllers [1][4] - The actual controllers of Huahui Intelligent are identified as Chairman and General Manager Zhang Siyuan and Vice General Manager Zhang Siyou, who together control 75.84% of the company's shares [1][3] - The inquiry also addresses the internal family arrangements regarding share transfers and the lack of recognition of Zhang Yaocheng as a co-controller during his tenure as Executive Director and General Manager [3][4] Group 2 - The company was established in 2020 with a registered capital of 22.627 million yuan, focusing on the research, production, and sales of high-end intelligent equipment and key components [1] - Major products include nano sand mills, grinding systems, and mechanical seals, with key clients such as Hunan Yunen and Wanrun New Energy [1] - The inquiry requires clarification on the governance mechanisms of the company, including the appointment and performance of the General Manager [5]