Core Viewpoint - The application for the IPO of Easy Vision (Hangzhou) Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange, with Guotou Securities as the sponsor [1] Company Overview - Easy Vision focuses on the research, production, and sales of machine vision equipment for automotive manufacturing, providing solutions for various manufacturing processes [1] - The company has developed over ten products that are widely applied in six major manufacturing processes, becoming a supplier for most domestic automotive manufacturers [1] Financial Performance - The company's revenue for the reporting period was 223 million, 355 million, and 392 million yuan, with net profits of 5.39 million, 57.75 million, and 84.43 million yuan respectively [1] - The product categories include visual inspection systems, visual guidance systems, and visual measurement systems [2] Market Position - In 2024, Easy Vision achieved a market share of 22.5% in China's automotive machine vision products, surpassing foreign competitors and becoming the only Chinese company with annual revenue exceeding 100 million yuan in this field [4] Client Network - Easy Vision has established a large and high-quality customer network, with products used by major joint ventures and domestic brands, as well as international companies like Volvo and Rivian [5] - The company has attracted investments from notable institutions, including Guotou Fund and Yinxing Valley Capital [5] Ownership Structure - Before the IPO, the founder, Guo Yin, directly held 12.27% of the company and controlled a total of 56.13% of the shares through various entities [6] IPO Financing - The company plans to raise 1.214 billion yuan through the IPO, which will be used for the industrialization of machine vision products, a research and development center, and to supplement working capital [6]

Core Viewpoint - The article focuses on the IPO of Yisiwei (Hangzhou) Technology Co., Ltd., a leading machine vision company in the transportation sector, highlighting its entrepreneurial journey, business model, and financial performance [3][4]. Company Overview - Yisiwei specializes in machine vision equipment for the transportation industry, covering upstream components like visual sensors and light sources, midstream measurement and guidance systems, and downstream applications in automotive manufacturing, rail transit, and aviation [4]. - The company holds the largest market shares in China's automotive manufacturing machine vision market, with 13.7% in the overall market and 22.5% in complete vehicle manufacturing [5]. Entrepreneurial Journey - Founder Guo Yin transitioned from academic research in precision instruments to entrepreneurship, identifying a significant opportunity in the domestic machine vision market for automotive manufacturing, which was previously dominated by international giants [10][11]. - In 2016, Guo and his team established Yisiwei in Tianjin, later relocating to Hangzhou to leverage the region's automotive industry cluster and talent ecosystem [12]. Mergers and Acquisitions - Yisiwei has made two significant acquisitions: in 2019, it acquired German company EHR, enhancing its product offerings in automotive welding quality inspection, and in 2022, it acquired Hangzhou Yuyi, expanding its capabilities in automated polishing solutions [13]. Financial Performance - The company has experienced explosive growth in revenue and net profit from 2022 to 2024, with revenues of 220 million, 360 million, and 390 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 32.6% [26]. - Net profit surged from 5.39 million to 84.33 million yuan during the same period, with a CAGR of 295.7% [26]. - The gross profit margins have remained high, with rates of 62.7%, 64.7%, and 65.5% over the past three years [27]. Revenue Structure - The majority of Yisiwei's revenue comes from the automotive manufacturing sector, with 370 million yuan in 2024, while also expanding into rail transit and aviation [28]. - The revenue from the rail transit sector grew significantly, reaching 7.88 million yuan in 2024, a 23-fold increase from the previous year [29]. IPO Plans - Yisiwei plans to raise 1.21 billion yuan through its IPO, with the largest portion allocated to establishing a machine vision product industrialization base, totaling 710 million yuan [29]. Market Expansion - The company is capitalizing on the trend of Chinese automotive companies expanding overseas, leveraging its subsidiary EHR's established customer base to enter international markets and collaborate with global automotive manufacturers [31].

Audit Opinion - The audit report states that the financial statements of Hefei Zhongke Junda Vision Technology Co., Ltd. fairly reflect the financial position as of December 31, 2023, and December 31, 2024, as well as the operating results and cash flows for the years 2023 and 2024 [2][3]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with operating revenues for 2023 and 2024 reported at RMB 190.9851 million and RMB 221.6244 million, respectively. The revenue from high-speed cameras and visual measurement systems accounted for 86.62% and 94.85% of total revenue in those years [3][5]. - Accounts receivable and contract assets impairment is another key audit matter, with accounts receivable balances of RMB 42.4672 million and RMB 73.7797 million for the years ending December 31, 2023, and December 31, 2024, respectively. The impairment provisions for these amounts were RMB 2.9012 million and RMB 5.2672 million [5][6]. Company Overview - Hefei Zhongke Junda Vision Technology Co., Ltd. was established as a joint-stock company with a registered capital of RMB 54.866072 million. The company specializes in the research, development, production, and sales of high-speed imaging, analysis, and processing instruments and systems [11][12]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, with no significant doubts regarding the company's ability to continue operations within the next 12 months [12][13]. Important Accounting Policies - The company adheres to the enterprise accounting standards, ensuring that the financial statements provide a true and complete reflection of its financial condition, operating results, and cash flows [12][13]. - The company employs specific accounting policies for financial instruments, inventory, fixed assets depreciation, and revenue recognition, tailored to its operational characteristics [12][13]. Financial Performance - The company reported significant revenue growth, with operating revenues increasing from RMB 190.9851 million in 2023 to RMB 221.6244 million in 2024, indicating a strong market demand for its products [3][5].