| 辅导对象 | 江苏安澜万锦电子股份有限公司 | | --- | --- | | 成立日期 | 1993年7月20日 | | 注册资本 | 36,000.0000 万元人 法 定代表人 梁建锋 | | | 民币 | | 汪册地址 | 常州市经济开发区横山桥智能电力装备产业园区宸 | | | 泰路1号 | | 控股股东 | | | | 公司控股股东为江苏上丰实业投资有限公司,持有公 司 47. 8123%的股份。公司实际控制人为梁建锋、刘言 | | | 夫妇,双方合计直接持有公司 22.0936%的股份,并通 | | 及持股比 | 过江苏上丰实业投资有限公司(梁建锋、刘言分别持 | | 例 | 股 50%)、常州众宸实业投资合伙企业(有限合伙)(梁 | | | 建锋为执行事务合伙人）间接控制公司 47.8123%、 | | | 6.7341%股份对应的表决权,合计控制安澜万锦 | | | 76.6400%股份对应的表决权。 | | 行业分类 | 在其他交易场 电气机械和器材制造 业(行业分类代码 | | | 所(申请)挂 元 | | | 牌或上市的情 C-38) | | | 况 | 乐居财经 王敏 12月18 ...

Core Viewpoint - The company, Feisuo Innovation, is seeking a second listing in Hong Kong after previously withdrawing its application for a Shenzhen IPO, raising questions about its fundamentals and financial health amid high debt levels and fluctuating profitability [1][2][12]. Financial Performance - Revenue growth has been consistent, with reported figures of approximately 1.988 billion, 2.213 billion, and 2.612 billion RMB for the years 2022, 2023, and 2024 respectively [2][3]. - The total comprehensive income for the same years was approximately 371 million, 459 million, and 397 million RMB, indicating a decline in 2024 [2][3]. - Gross profit margins improved from 45.4% in 2022 to 50.0% in 2024, although profitability decreased by 13.5% in 2024 compared to the previous year [2][12]. Debt and Financial Health - The company's total liabilities increased significantly from approximately 621 million RMB in 2022 to 1.149 billion RMB in 2024, leading to rising financial costs from 4.511 million RMB to 18.544 million RMB over the same period [6][7]. - The net income retention rates were high at 94.4% and 102.1% for 2023 and 2024, respectively, indicating strong customer loyalty despite the rising debt [6]. Business Model and Market Position - Feisuo Innovation operates primarily in the enterprise-level network solutions sector, with a focus on digital transformation for global enterprises, and has a significant portion of its revenue (over 99%) coming from overseas markets [5][6]. - The company has established a strong online DTC (Direct-to-Consumer) platform, offering over 120,000 SKUs, which positions it more as a cross-border e-commerce entity rather than a traditional telecommunications equipment manufacturer [9][12]. Competitive Landscape - Compared to peers like Cambridge Technology, Feisuo Innovation's R&D spending is notably lower, with only 5.5% of revenue allocated to R&D in 2024, while Cambridge Technology allocated 11.19% [12]. - The overall performance of the optical module industry is strong, with a reported 48% revenue growth in 2024 among listed companies, contrasting with Feisuo Innovation's declining profits [12].