正向深交所主板冲刺的电连接产品制造商北京维通利电气股份有限公司(以下简称"维通利")，在近日更 新了招股书并完成首轮问询回复。 近年来，搭乘新能源行业东风，维通利的业绩实现快速增长。然而，亮眼业绩的背后，毛利率波动、应 收账款及存货规模攀升问题随之而来。 不仅如此，长江商报记者还注意到，维通利在公司治理层面的隐患更为突出。本次发行前，黄浩云作为 维通利的控股股东、实控人，合计控制公司68.33%表决权，且与其一致行动人控制公司85.51%表决 权。 在股权高度集中的情况下，维通利长期与关联方保持大规模的关联交易。2022年至2025年上半年，公司 向黄浩云控制的企业累计发生约1.28亿元的采购交易。 此外，在近两年半内，维通利曾七次遭行政处罚，涉及统计、环保、消防、海关及生产安全等多个领 域，其内部控制的健全性与有效性被监管部门重点问询。 总资产过半为应收账款及存货 资料显示，维通利的前身是2003年成立的北京人民电气投资有限公司。2008年12月，黄浩云家族从李永 良家族手中拿下公司控制权。2010年，公司更名为维通利。 2023年9月，维通利实施股份制改制。2025年6月，深交所正式受理了维通利的主板首发 ...

Core Viewpoint - Beijing Vito Electric Co., Ltd. (referred to as "Vito") has disclosed its first-round response to the Shenzhen Stock Exchange's IPO inquiry, indicating its intention to raise approximately 1.594 billion yuan through its IPO process [1] Group 1: Company Overview - Vito's main business includes the research, production, and sales of a series of electrical connection products such as hard connections, flexible connections, contact components, laminated busbars, and CCS, as well as synchronous decomposers [1] Group 2: IPO Details - The IPO application was accepted on June 21, 2025, and entered the inquiry phase on July 4, 2025 [1] - The company is seeking to raise around 1.594 billion yuan through this IPO [1] Group 3: Regulatory Inquiry - The first-round inquiry raised questions regarding Vito's industry and business model, competition with peers, and related party transactions [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but it is making strategic breakthroughs in industrial AI and robotics, which are expected to open long-term growth opportunities [1][4] - The company is a leader in process industrial intelligent manufacturing and is expected to benefit from equipment upgrade policies and overseas expansion opportunities [4][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.83 billion yuan, a year-on-year decrease of 9.92%, and a net profit attributable to the parent company of 354 million yuan, down 31.46% year-on-year [5] - The company’s exchange loss was 13.40 million yuan, compared to a gain of 3.01 million yuan in the first half of 2024 [5] - After excluding the impact of exchange losses, the adjusted net profit was 294 million yuan, a decline of 25.82% year-on-year [5] Revenue and Profit Forecast - The revised profit forecast for 2025-2027 is 1.12 billion, 1.29 billion, and 1.55 billion yuan respectively, with EPS projected at 1.41, 1.63, and 1.96 yuan per share [4][8] - The current stock price corresponds to P/E ratios of 36.8, 31.9, and 26.5 for the years 2025, 2026, and 2027 respectively [4][8] Market Opportunities - The demand for process industrial equipment is continuously increasing, with significant growth in the energy, building materials, and paper industries, showing year-on-year increases of 9.32%, 82.58%, and 77.56% respectively [6] - The company is expanding its international strategy, achieving significant breakthroughs in regions such as Southeast Asia, the Middle East, and Central Asia, with notable progress in certification for core products in Saudi Arabia [6] Industrial AI and Robotics Development - The TPT software has entered a phase of large-scale application, generating revenue of 117 million yuan in the first half of 2025, with over 110 successful projects implemented in various industries [7] - The robotics business is also growing rapidly, with revenue of 110 million yuan in the first half of 2025 and new orders totaling 200 million yuan, surpassing the entire performance of 2024 [7]

Core Viewpoint - The article discusses the complexities faced by investors and companies in the energy transition process due to increasing policy risks and geopolitical tensions, highlighting the strong momentum of clean energy technologies and the cost-competitive solutions that will drive global energy transition [1]. Group 1: Market Insights - The Bloomberg New Energy Finance report projects that electricity demand in Asia, the Middle East, and Africa will significantly contribute to global electricity consumption growth, with data center electricity demand expected to increase 6-16 times, reaching 260 TWh by 2035 [5]. - The report indicates that the total investment potential for renewable energy from 2025 to 2035 is nearly $6 trillion, and from 2025 to 2050, it is projected to be $10.55 trillion [6]. Group 2: Investment and Policy Implications - The report outlines that large-scale investments and rapid deployment of clean energy technologies are crucial for achieving transformative change, emphasizing the need for policymakers and investors to leverage existing solutions in renewable energy, storage, and electric vehicles [6]. - The economic transition scenario predicts widespread electrification of clean power and road transport, with a long-term decline in coal and oil usage, potentially leading to a 22% reduction in overall emissions by 2050 [7]. Group 3: Required Investments - The required investment for achieving the baseline economic transition scenario and the net-zero scenario is estimated at $185 trillion and $213 trillion, respectively, indicating a mere 15% difference between the two pathways [7].

Financial Performance - In 2024, the company achieved a revenue of 3.905 billion RMB, representing a year-on-year growth of 27.01% [1][3] - The net profit attributable to shareholders was 233 million RMB, with a non-recurring net profit of 218 million RMB [1][3] - The net cash flow from operating activities was 444 million RMB, an increase of 37.06% year-on-year [1][3] - In Q1 2025, the company reported a revenue of 958 million RMB, a year-on-year increase of 22.57%, while the net profit slightly decreased by 0.16% [6] Research and Development - The company invested 144 million RMB in R&D in 2024, a 33.20% increase compared to the previous year [2] - The R&D team expanded by 123 personnel, marking a 23.84% increase year-on-year [2] - The company focuses on advanced technologies such as CCS processes, including film thermal compression and direct welding [2][8] Future Outlook - The company aims to enhance its production capabilities in new bases located in Liyang, Ningde, and Slovakia [5] - Plans include scaling up R&D centers and improving automation and information technology levels [5] - The company is targeting growth in sectors like new energy vehicles, energy storage, and emerging fields such as low-altitude economy and intelligent technology [5][9] Shareholder Returns - The company plans to distribute a cash dividend of 12 RMB per 10 shares, totaling approximately 78.36 million RMB [7][8] - Additionally, a capital reserve conversion will result in a bonus share distribution of 4 shares for every 10 shares held, totaling 26.12 million shares [8] Industry Position - The overall industry performance is improving, with the company highlighting its advantages in integrated solutions, diverse customer resources, and sustainable development [8] - The company is well-positioned to leverage its expertise in the new energy sector, particularly in battery technology and smart manufacturing [9]