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recently, beijing haochuang ruitong electrical equipment co., ltd. (hereinafter referred to as "haochuang ruitong") disclosed the reply to the third round of review inquiry letter for its gem ipo. beijing business daily reporters noticed that during the reporting period, about 90% of haochuang ruitong's revenue came from state grid's subsidiaries. at the same time, the company's transactions with honglida, a new customer in 2022, also received the shenzhen stock exchange's focus. whether the above situation will become a "stumbling block" for the company's ipo is still unknown.

revenue heavily dependent on the state grid

it is understood that hao chuang ruitong's ipo was accepted on june 27, 2023, and entered the inquiry stage on july 7 of the same year. recently, hao chuang ruitong's gem ipo disclosed the reply to the third round of review inquiry letter.

the prospectus shows that haochuang ruitong is a high-tech enterprise focusing on intelligent power distribution equipment and digital solutions for distribution networks. it is mainly engaged in the research and development, production and sales of intelligent power distribution equipment. its main products include intelligent ring network cabinets, intelligent pole-mounted switches and box-type substations. this time, haochuang ruitong plans to raise about 477 million yuan for its listing on the growth enterprise market. after the raised funds are in place, after deducting the issuance expenses, they will be used for the production and construction projects of intelligent ring network cabinets, intelligent pole-mounted switches, and intelligent power distribution r&d center construction projects, and to supplement working capital.

financial data shows that from 2021 to 2023 and the first half of 2024, hao chuang ruitong achieved operating income of approximately rmb 381 million, rmb 560 million, rmb 672 million and rmb 438 million, respectively, and the corresponding attributable net profits were approximately rmb 50.9388 million, rmb 68.7607 million, rmb 87.4074 million and rmb 54.8872 million, respectively.

beijing business daily reporters noticed that hao chuang ruitong was dependent on a single large customer during the reporting period. the prospectus shows that from 2021 to 2023, the company's sales revenue to state grid's subsidiaries will be approximately 350 million yuan, 498 million yuan and 619 million yuan, respectively, accounting for 91.87%, 88.92% and 91.99% of the company's operating income, respectively. hao chuang ruitong also mentioned that the company's customer concentration is high, and the company will still find it difficult to avoid the above situation in the short term.

regarding the relevant situation, zheng lei, chief economist of samoyed cloud technology group, pointed out that ipo companies are overly dependent on a single customer. if the position of a major customer in the market changes, or if factors such as policies and economic environment affect its purchasing needs, it may affect the business stability of the ipo company. at the same time, the purchase volume of a single customer is often large, so the company's revenue may fluctuate greatly with the purchase situation of the customer, which may have an impact on the company's financial situation and investor confidence.

doubts about the transaction amount with honglida

beijing business daily reporters noticed that the transaction between hao chuang ruitong and honglida was the focus of the shenzhen stock exchange.

the prospectus shows that hao chuang ruitong newly developed honglida as a supplier in 2022. in the first year of cooperation, honglida jumped to the third largest supplier of the company. hao chuang ruitong's purchase amount from it reached 20.2288 million yuan, accounting for 5.33% of the purchase. in 2023, honglida directly became hao chuang ruitong's largest supplier. hao chuang ruitong's purchase amount from it increased significantly to 60.2616 million yuan, accounting for 10.99% of the purchase. at the same time, hao chuang ruitong was honglida's fifth largest customer in 2023.

it is worth noting that in its 2023 annual report, honglida disclosed that its sales to hao chuang ruitong amounted to approximately rmb 53.5358 million, which is different from the purchase amount of rmb 60.2616 million disclosed by hao chuang ruitong in 2023.

regarding this situation, hao chuang ruitong stated that the difference between the two data is mainly due to the fact that the company uses the arrival of products into the warehouse as the time point for confirming purchases, which is different from the time point for honglida to confirm revenue. specifically, the company confirmed the purchase amount of 16.2702 million yuan in 2022, and honglida will confirm revenue in 2023; the company confirmed the purchase amount of 22.996 million yuan in 2023, and honglida will confirm revenue after 2023. the above-mentioned time difference has reasonable reasons, and there is no contradiction in the information disclosure content between the company and honglida.

regarding the relevant issues, a beijing business daily reporter sent an interview letter to hao chuang ruitong, but no reply was received as of press time.

beijing business daily reporter ma huanhuan and ran lili