中国上市公司网讯12月25日，重庆至信实业股份有限公司(以下简称"至信股份"或公司)披露招股意向 书，公司启动发行，将于1月6日申购，证券简称：至信股份，证券代码：603352。至信股份拟在上交所 主板上市。 据悉，至信股份本次拟公开发行股份56,666,667股，全部为公开发行新股，发行后总股本为226,666,667 股。初始战略配售发行数量为11,333,333股，占本次发行数量的20.00%。战略配售回拨机制启动前，网 下初始发行数量为27,200,334股，占扣除初始战略配售数量后发行数量的60.00%，网上初始发行数量为 18,133,000股，占扣除初始战略配售数量后发行数量的40.00%。公司本次发行初步询价时间为12月30日 9:30-15:00，1月5日为公司本次网上路演时间。 公开资料显示，至信股份主营汽车冲焊件以及相关模具的开发、加工、生产和销售。自设立以来，公司 主营业务未发生重大变化。在三十余年的经营发展过程中，公司始终致力于汽车领域白车身冲焊件的研 发生产，并且围绕着冲焊件开发和生产环节，拓展了上游的模具开发、加工、生产以及自动化生产整体 解决方案等领域。通过多年积累，公司在市场 ...

招股书显示，至信股份成立于1995年1月，始终致力于汽车冲焊件及相关模具的开发、加工、生产和销售，并且围绕着冲焊件开发和生产环节，拓展了上游 的模具开发、加工、生产以及自动化生产整体解决方案等领域。 11月28日，中国证监会发布《关于同意重庆至信实业股份有限公司首次公开发行股票注册的批复》。据悉，至信股份拟在上交所主板上市，申万宏源为其保 荐机构，拟募资13.29亿元。 ...

Core Viewpoint - The company, Chongqing Zhixin Industrial Co., Ltd. (referred to as "Zhixin Co."), is undergoing an IPO process, aiming to raise 1.3 billion yuan for production line expansion and technological upgrades, with concerns regarding high accounts receivable and dependency on major clients [1][17]. Group 1: Company Overview - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds, focusing on the automotive sector for over 30 years [4]. - The company has expanded its capabilities to include upstream mold development and automation solutions, enhancing its smart manufacturing level [4]. - Major clients include well-known automotive manufacturers such as Changan Automobile, Geely, NIO, and BYD, with a significant portion of revenue derived from these large clients [4][5]. Group 2: Financial Performance - Approximately 80% of the company's revenue comes from its top five clients, with sales amounts for the years 2022 to 2025 showing a high concentration of revenue [5][6]. - The accounts receivable turnover ratio for Zhixin Co. is lower than the industry average, indicating potential collection risks [7]. - The company's accounts receivable at the end of the reporting periods were significant, with values of 86.26 million yuan, 92.87 million yuan, 113.27 million yuan, and 105.28 million yuan, representing 55.68%, 52.18%, 57.42%, and 48.31% of current assets respectively [7]. Group 3: Legal and Operational Risks - The company is currently involved in legal disputes to recover payments from Neta Automobile, which has faced operational difficulties, raising concerns about the reliability of revenue from this client [9][11]. - Zhixin Co. has reported significant credit impairment losses related to accounts receivable from Neta, indicating financial strain from this relationship [10]. - The company has taken measures to mitigate risks by fully provisioning for bad debts related to Neta's accounts receivable [12]. Group 4: Ownership Structure - The ownership of Zhixin Co. is highly concentrated, with the controlling shareholders being a husband-and-wife team, holding 83.75% of the voting rights [14][15]. - The company has not attracted external capital, maintaining a simple ownership structure primarily funded by the founders and employees [14][16].

Core Viewpoint - The company, Zhixin Co., Ltd., is undergoing an IPO process and has faced scrutiny regarding its high accounts receivable and dependency on major clients, particularly in light of recent financial troubles faced by its client, Nezha Automobile [1][5][11]. Group 1: Company Overview - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive stamping parts and related molds, focusing on the automotive body stamping parts sector for over 30 years [3]. - The company has expanded into upstream mold development and automation production solutions, enhancing its smart manufacturing capabilities through proprietary algorithms and software integration [3]. - Major clients include well-known automotive manufacturers such as Changan Automobile, Geely, NIO, and BYD, with nearly 80% of revenue derived from large clients [3][4]. Group 2: Financial Performance - Sales to the top five clients during the reporting periods were 154.44 million, 204.51 million, 231.00 million, and 109.08 million, representing 73.86%, 79.77%, 74.82%, and 68.00% of total revenue, indicating a high concentration of sales [4]. - Accounts receivable turnover rates for the reporting periods were 2.83, 2.71, 2.82, and 2.73, which are below the industry average of 3.63, 3.42, 3.27, and 3.30, highlighting potential collection risks [6]. Group 3: Client Dependency and Risks - The company has faced challenges with accounts receivable, particularly with Nezha Automobile, which has experienced significant operational issues, including layoffs and payment delays [7][10]. - Despite generating sales revenue from Nezha, the actual cash received has been minimal, leading to ongoing legal disputes for payment [8][9]. - The company has reported credit impairment losses related to accounts receivable, particularly from Nezha, and has taken measures to fully provision for these losses [10][11]. Group 4: Ownership Structure - The company has a highly concentrated ownership structure, with the controlling shareholders being a husband-and-wife team, holding 83.75% of voting rights, and no external institutional investors [12][13]. - The IPO aims to raise 1.3 billion yuan for production line expansions, technology upgrades, and to supplement working capital [1][13].