出品：新浪财经上市公司研究院 作者：君 11月26日，上海拓璞数控科技股份有限公司（下称"拓璞数控"）更新招股书，再次向联交所主板提交上市申请，国泰海通、建银国际为联席保荐 人。 虽然自2024年起拓璞数控扭亏为盈，但并未改变持续"失血"的现状，且经营性现金流呈现恶化趋势，近三年半经营活动现金累计净流出4.27亿 元，远超期间净亏损总额。 截至今年6月底，拓璞数控现金及现金等价物1.11亿元，较2022年底减少67.86%；银行贷款高达2.51亿元，较2022年底激增32.8倍，偿债风险极 高。此外，公司还存在6124.8万元租赁负债待偿还，面临巨额资金缺口。 主营业务方面，拓璞数控客户高度集中，大部分收入来自航空航天领域的国有企业客户，导致应收账款及存货占用了大量营运资金，减值风险高 悬。2024年，拓璞数控对联营公司成都辰飞存在重大依赖，关联交易公允性待考。 科创板"钉子户" 持续经营能力成"拦路虎" 拓璞数控是中国一家专注于高端智能制造装备（主要为五轴（计算机数字化控制'数控'）机床）的研发、设计、生产及销售的大型企业，以满足 中国航空航天领域对先进制造的需求。 根据灼识咨询报告，于2024年，拓璞数控 ...

Core Viewpoint - Several companies from Shanghai, including Topu CNC, have submitted IPO applications to the Hong Kong Stock Exchange, with Topu CNC being a notable player in the high-end manufacturing sector [1]. Company Overview - Topu CNC, founded in May 2007, is headquartered in Minhang District, Shanghai, and was transformed into a joint-stock company in November 2016 [2]. - The company focuses on the research, design, production, and sales of high-end intelligent manufacturing equipment, particularly five-axis CNC machine tools, to meet the advanced manufacturing needs of China's aerospace sector [4]. Financial Performance - Topu CNC has raised approximately 630 million RMB in funding over the past few years, with major investors including Shanghai Yiding Investment and Dinghui Investment [3]. - The company's revenue has shown growth, with figures of 136 million RMB in 2022, 335 million RMB in 2023, and projected revenues of 532 million RMB in 2024 and 445 million RMB for the first half of 2025. Net profits transitioned from losses of 197 million RMB in 2022 to a profit of 6.9 million RMB in 2024 [9][10]. - The gross profit margin improved significantly from -18.3% in 2022 to 42.9% in the first half of 2025, indicating better cost management and sales performance [9]. Product Line and Market Position - Topu CNC's product line includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large-size carbon fiber composite five-axis machine tools [6]. - The aerospace intelligent manufacturing equipment accounted for 94% of the company's revenue in the first half of 2025, down from 97.5% in 2022, indicating diversification in revenue sources [11]. - The company holds a leading position in the Chinese aerospace five-axis CNC machine tool market with an 11.6% market share and ranks fifth among all suppliers in the five-axis CNC machine tool market with a 4.3% share [29]. Industry Context - The CNC machine tool market in China is projected to grow from 86.5 billion RMB in 2020 to 116.9 billion RMB by 2024, with a compound annual growth rate of 5.3% [27]. - The five-axis CNC machine tool market is expected to increase from 7 billion RMB in 2020 to 10.8 billion RMB by 2024, representing about 9.2% of the overall market [27]. - Domestic suppliers are expected to capture a larger share of the five-axis CNC machine tool market, increasing from 18% in 2020 to over 75% by 2029 [29]. Challenges - The company has faced challenges with cash flow, recording negative operating cash flows in recent years due to high inventory levels and reliance on state-owned enterprises, which have longer cash conversion cycles [16][14]. - The cash conversion cycle for sales to state-owned enterprises was significantly longer than for non-state enterprises, impacting the company's liquidity [14][15].

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Core Viewpoint - Shanghai Topper CNC Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, marking its third attempt after two unsuccessful attempts at the Sci-Tech Innovation Board [1][6][7] Group 1: Company Overview - Founded in May 2007 by Wang Yuhan, Li Yuhao, and other shareholders, the company specializes in high-end intelligent manufacturing equipment [3] - The company achieved profitability in 2024, with a revenue compound annual growth rate (CAGR) of 97.9% over the past two years [1][4] Group 2: Market Position - In 2024, Topper CNC ranked first in the Chinese aerospace five-axis CNC machine tool market with a market share of 11.6% [3] - The company is ranked fifth among all suppliers in the Chinese five-axis CNC machine tool market, and third among domestic suppliers, with a market share of 4.3% [3] Group 3: Financial Performance - Revenue for the years 2022 to 2024 was 136 million, 335 million, and 532 million yuan, respectively, with a CAGR of 97.9% [4] - Net profit for the same period was -197 million, -62 million, and 6.886 million yuan, achieving profitability in 2024 [4] Group 4: Product Offerings - The product portfolio includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large carbon fiber composite five-axis machine tools [3] - The company sold the world's first five-axis machine tool that fully utilizes carbon fiber composite materials in all moving parts [3] Group 5: IPO and Funding - The IPO proceeds will be used for research and development, expanding sales and marketing networks, potential acquisitions and investments, and repaying part of the interest-bearing bank loans [9] - Prior to the IPO, Wang Yuhan directly held 36.82% of the shares and controlled an additional 1.93% through an employee stock ownership platform, totaling 38.74% [10]

Core Viewpoint - Shanghai Topu Numerical Control Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange after two unsuccessful attempts at the Sci-Tech Innovation Board, marking a significant step in its growth trajectory [1][8]. Group 1: Company Overview - Founded in May 2007 by Wang Yuhan, Li Yuhao, and two other shareholders, the company specializes in the research, design, production, and sales of high-end intelligent manufacturing equipment [4]. - The company achieved profitability in 2024, with a revenue compound annual growth rate (CAGR) of 97.9% over the past two years [2][5]. Group 2: Market Position and Product Offering - In 2024, Topu ranked first in the Chinese aerospace five-axis CNC machine tool market with a market share of 11.6%, and fifth among all suppliers in the five-axis CNC machine tool market with a 4.3% share [4]. - The five-axis CNC machine tool market is projected to grow from 10.8 billion yuan in 2024 to 27 billion yuan by 2029, at a CAGR of 20.1% [4]. - The product portfolio includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large-size carbon fiber composite five-axis machine tools [4]. Group 3: Financial Performance - Revenue for the years 2022 to 2024 was 136 million yuan, 335 million yuan, and 532 million yuan, respectively, with net profits of -197 million yuan, -62 million yuan, and 6.886 million yuan, indicating a turnaround to profitability in 2024 [5][6]. - In 2024, 94.7% of total revenue was derived from the sales of aerospace intelligent manufacturing equipment [6]. Group 4: IPO Journey and Future Plans - This marks the third attempt for the company to go public, having previously submitted applications in June 2019 and June 2020, both of which were withdrawn or terminated [8]. - The funds raised from the IPO will be allocated for research and development, expanding sales and marketing networks, potential acquisitions, and repaying part of the interest-bearing bank loans [9].