【导读】俞氏家族IPO前送"豪礼"：空降总经理获3.6亿元"入职礼包" ，上亿关联交易沦为合 营公司"代工厂"？ 见习记者 荧墨 近日，深交所创业板迎来一家PCB（印制电路板）领域"隐形冠军"，欣强电子（清远）股份 有限公司（下称欣强电子）IPO申请获受理，保荐机构为民生证券。 记者注意到，台湾俞氏家族对该公司的持股比例超出95%。在IPO前夕，欣强电子突击现金分 红1.81亿元，占比超过该公司两年净利润总和的八成，并向"空降"总经理大手笔给予4.2亿元 股权激励。 公司错综复杂的关联交易仍存异常风险，欣强电子是否会沦为合营公司的"代工厂"？上述疑 问并未在招股书中给予合理解释。 股份支付会计处理疑云 欣强电子的实际控制人为俞孝璋（公司董事长）、俞宛伶（公司董事）及俞金炉（公司董 事），三人通过直接和间接方式共同持有公司95.04%的股份。其中，俞金炉是俞孝璋、俞宛 伶的父亲，俞宛伶是俞孝璋的姐姐，三人均为中国台湾籍，形成典型的"父女子"绝对控股局 面。 记者注意到，在招股书申报前的一个月，2025年5月，公司控股股东YU FAMILY（新加坡注 册）向三个员工持股平台（欣承投资、欣立投资、金宥公司）突击转让 ...

Core Viewpoint - Xinqiang Electronics' IPO application for the Growth Enterprise Market is facing challenges due to weak growth prospects, with revenue growth stagnating and a significant mismatch between revenue and net profit growth [1][3]. Financial Performance - Revenue for Xinqiang Electronics from 2022 to 2024 is projected to be 869 million, 1 billion, and 999 million yuan, with year-on-year growth rates of 15.13%, -0.13% respectively [3]. - Net profit for the same period is expected to be 84.98 million, 132 million, and 168 million yuan, with year-on-year growth rates of 55.26% and 27.45% [3]. Revenue Quality - The company relies heavily on joint venture income, which accounts for approximately 17.29% of total revenue, and trade revenue, which exceeds 10% [6][10]. - The revenue growth quality is under scrutiny, as the company’s revenue compound annual growth rate (CAGR) is only 7%, falling short of the required growth metrics for the IPO [5]. Industry Context - The global PCB market is projected to reach a total output value of 73.565 billion USD in 2024, with a stable growth forecast of 5.2% CAGR from 2024 to 2029 [4]. - The PCB industry is characterized by intense competition, with many manufacturers and a low concentration ratio, which may pose challenges for Xinqiang Electronics in maintaining market share [7]. Corporate Governance - Xinqiang Electronics is a family-controlled business, with the controlling family holding 95% of the shares, raising concerns about governance and investor value [8][9]. - Recent share transfers within the family for employee incentives were conducted at a price of 2.80 yuan per share, suggesting a valuation of approximately 12.85 billion yuan for the company [8].