AVIC Electric Customs Customs Board: Controlling the National Defense Forces, the top five customers accounted for more than 80 %

On June 29, Capital State learned that Beijing Zhonghang Science and Technology Power Testing and Control Technology Co., Ltd. (hereinafter referred to as "AVIC") IPO has been accepted by the Shenzhen Stock Exchange.

AVIC is a national high -tech enterprise focusing on precision processing of military electronic equipment and high -end equipment components. The main products include precision processing products of military electronic equipment and high -end equipment components. Since its establishment, the company has always focused on the construction of national defense informatization as its strategic support and the needs of national defense construction. It is committed to creating independent controllable, technical leading, reliable and stable high -performance products.

From 2019 to 2021, AVIC's operating income was 257 million yuan, 333 million yuan, and 424 million yuan, respectively. The net profit attributable to the owner of the parent company during the same period was 29.5519 million yuan, 37.6494 million yuan, and 69.989 million yuan Essence

AVIC's proposed raising of no more than 25.84 million shares this time, and the raised funds are 6375.9 billion yuan. The net amount after deducting the issuance fee will be used for military electronic equipment and high -end equipment components. Processing (Liu'an) production base construction technology renovation project, Beijing military electronic equipment and high -end equipment component precision production base construction projects, R & D center construction projects, and supplementary mobile funds.

As of the signing of this prospectus, Li Guangming and Jin Weiguo were jointly controlled by the company and actual controller. The actual controller's status has not changed in the past two years.

Li Guangming directly holds 27.06%of the company's shares, and is the largest shareholder of the company. At the same time, he is the ordinary partner and executive partner of Huizhi AVIC. 29.94%of the shares; Jin Weiguo directly holds 25.81%of the company's shares and is the company's second largest shareholder. At the same time, he serves as the ordinary partner and executive partner of Huizhi Guangda. Thirty.78%of the company's shares directly and indirectly controlled the company. Therefore, Li Guangming and Jin Weiguo directly held 60.72%of the shares of the company.

As of the date of signing this prospectus, the company's equity structure is as follows:

When choosing to log in to the GEM, there is still the following risks in AVIC:

(1) The risk of higher customer concentration

The company's customers are mainly national defense military units, including China Xinke Group, Aerospace Technology Group, Aerospace Science and Technology Group, China Electric Power Group, and the People's Liberation Army of the Chinese People's Liberation Army. In accordance with the consolidated caliber controlled by the same actual controller, during the reporting period, the company's top five customers' income accounted for 75.50%, 84.55%, and 80.36%, respectively, and the customer concentration was high. If the company's main customers have adversely changed the production and operation status, or reduce the scale of the company's order, it will cause the company's income and profits to fluctuate.

(2) Risks caused by changes in the industry management system

Participants in my country's military industry are mainly large state -owned military groups. However, as the state accelerates the transformation of the system and mechanism of the military enterprise, it has introduced the competition of policies to encourage and guide private enterprises to participate in military scientific research and production tasks, encourage relevant units to highlight the core capabilities, let go of general capabilities, and promote social cooperation. A new system of national defense technology and industry systems that are core, large collaboration, and army in the people, and more and more private enterprises have become an important part of my country's military industry. The company's business field is currently encouraged and supported by national industrial policies. However, if the military management system and market entry conditions change, it may worsen the operating environment of private military industrial enterprises, which will affect the company's future production and operation and operating performance to a certain impact. Essence

(3) The risk of the decline in the gross profit margin of military electronic equipment

In 2019, 2020 and 2021, the company's main business gross profit margin was 33.75%, 30.93%, and 32.82%. , Showing a trend of decline year by year, mainly due to the increase in the price of raw materials for military electronic equipment. If the price of raw materials continues to rise in the future, the company cannot improve pricing and profitability by improving product prices and optimizing product structures. The company will face the risk of comprehensive gross profit margin.

(4) The risk of national secret leakage

Some information of the company involves state secrets. The company has always put safety confidentiality work first in production and operation, and adopts various effective measures to conservative state secrets. The company's desertation procedures for relevant information and the information disclosed by the information disclosed after desertation. However, it is not excluded that the accidents have leaked the secrets of the state, resulting in the company's loss of confidentiality and being unable to continue to carry out confidential services, which has a adverse effect on the company's production and operation.

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