Core Viewpoint - Shenzhen Aiwei Electric Technology Co., Ltd. is planning to go public on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on providing digital control and power electronics products for the rapidly growing electric vehicle industry [1] Financial Performance - Revenue increased from 215 million yuan to 442 million yuan from 2022 to 2024, while net profit rose from 57.37 million yuan to 106 million yuan during the same period [4] - The average selling price of the core product, the high-voltage controller for thermal management in electric vehicles, decreased from 255.48 yuan per unit to 208.74 yuan per unit [1][5] - The company has faced scrutiny regarding the authenticity of its financial data, with the Ministry of Finance revealing multiple instances of false reporting in 2022, affecting various financial metrics by 25% to 111% [4] Shareholding Structure - The company has a unique shareholding structure where the founder, Liang Xianghui, initially had his shares held by Han Guang, leading to disputes over ownership [2][3] - After clarifying the shareholding structure, Liang directly holds 47.89% of the shares and controls 56.09% of the voting rights, making him the actual controller of the company [3] Market Position and Risks - Aiwei Electric is identified as the largest third-party supplier of high-voltage thermal management controllers for electric vehicles in China, operating as a Tier 2 supplier in the automotive supply chain [2][5] - The company faces risks related to weak bargaining power and low replacement costs, which could impact its performance during industry adjustments [5] IPO and Fundraising - The company aims to raise 930 million yuan through its IPO, with 70 million yuan allocated for working capital [6] - Prior to the IPO, Aiwei Electric distributed dividends totaling 58.88 million yuan, which is significantly higher than the industry average dividend payout ratio of 25% for 2022 [6][7] - The company's financial practices, including high dividend payouts before fundraising, may raise concerns regarding the legitimacy of its IPO approval [6] Industry Outlook - The electric vehicle thermal management market is projected to exceed 80 billion yuan by 2025, indicating significant growth opportunities for Aiwei Electric [7]