Core Viewpoint - Huzhou Anda Auto Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing an upward trend in its gross profit margin while its industry peers are experiencing a decline [1][2]. Group 1: Financial Performance - The company's gross profit margins for the years 2021 to 2024 (first half) are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase [2]. - In contrast, the average gross profit margins of comparable companies in the same industry are 20.76%, 19.40%, 17.54%, and 17.24% for the same periods, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Anda has been notably high, with figures of 39.04%, 35.69%, 3.97%, and 6.26% at the end of each reporting period, with over 10% non-compliance noted in 2021 and 2022 [3]. - As of August 31, 2023, the proportion of labor dispatch workers reached 41.67%, prompting the company to rectify this by converting dispatch workers to formal employees [3]. Group 3: Supplier Relationships - Anda's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with procurement amounts of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5]. - The company has ceased procurement from Boyuan Metal in the second half of 2023 due to better quality and supply capabilities from other suppliers [5]. Group 4: Energy Procurement - Starting in 2023, Anda began purchasing electricity from Huzhou Two Mountains Ecological Resource Operation Co., Ltd., with procurement amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [6]. - The average electricity procurement prices have decreased from 0.74 yuan/kWh in 2022 to 0.66 yuan/kWh in the first half of 2024 [6].

Core Viewpoint - Andar Automotive Parts Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, showing a rising gross profit margin in its main business despite a declining average margin among comparable companies in the industry [1][2]. Group 1: Financial Performance - The gross profit margins for Andar from 2021 to the first half of 2024 are reported as 10.25%, 10.15%, 15%, and 18.17% respectively, indicating a continuous increase influenced by product structure, sales prices, and costs [2]. - In contrast, the average gross profit margins of comparable companies in the same period are 20.76%, 19.40%, 17.54%, and 17.24%, showing a downward trend [2]. Group 2: Labor Practices - The proportion of labor dispatch workers at Andar was over 40% as of August 31, 2023, with non-compliance issues noted in previous years [3]. - The average cost of labor dispatch workers was reported to be 23.93% lower than that of formal production employees [3]. Group 3: Supplier Relationships - Andar's second-largest supplier in 2022 was Lanxi Boyuan Metal Co., Ltd., with a procurement amount of 66.58 million yuan, which is nearly 10 million yuan higher than previously disclosed figures [5][7]. - Discrepancies were noted in procurement data, with Andar reporting a lower procurement amount for Boyuan Metal in earlier disclosures [7]. Group 4: Outsourcing and Related Parties - Andar has utilized external processing methods, with procurement amounts for outsourcing reported as 38.71 million yuan, 33.73 million yuan, 14.76 million yuan, and 3.08 million yuan over the specified periods [4]. - The company has shifted its electricity procurement to a related party, with amounts of 28.43 million yuan and 12.88 million yuan for 2023 and the first half of 2024 respectively [7].