Clients include BYD and Luxshare Precision. High-voltage wiring harnesses are the critical components ensuring the safe operation and electrical integrity of electric vehicles, functioning as the "nerves and blood vessels" that connect core parts like batteries and motors for power and signal transmission. As the penetration rate of new energy vehicles climbs, wire harness manufacturing is transitioning from inefficient labor-intensive methods to automation, with Haichang Intelligent positioning itself as a key enabler—a "shovel seller"—in this transformative wave. On January 30, 2026, the listing committee of the Beijing Stock Exchange will convene a review meeting to assess the IPO application of Hebi Haichang Intelligent Technology Co., Ltd. (hereinafter referred to as "Haichang Intelligent").
This company, which specializes in automation equipment for wire harness production, is in the final countdown to its IPO: its application was accepted on June 24, 2025, it entered the inquiry stage on July 18, and it now stands at the critical review milestone. However, behind the glossy report card featuring nearly 8 billion yuan in revenue and a ride on the new energy boom, undercurrents are swirling. Beyond persistently declining gross margins, the most significant obstacle lies in its deep, entangled relationship with its largest customer and former parent company, Tianhai Electronics: the two not only share a complex historical equity lineage, but their reported transaction data also shows discrepancies, and even at this critical juncture of the IPO review, a late-night fund transfer incident occurred...
As a company focused on automation equipment for wire harness production, Haichang Intelligent's products encompass fully automatic crimping machines, test benches, and molds. Revenue from these main products was 515 million yuan, 644 million yuan, and 788 million yuan respectively, accounting for 98.99%, 98.78%, and 98.54% of total revenue. Notably, the "average selling price" for this business is not low; in 2024, the average price for a fully automatic crimping machine was 357,200 yuan per unit, test equipment was 113,800 yuan per unit, semi-automatic crimping machines were 28,800 yuan per unit, and molds were 3,800 yuan per set. Regarding its sales model, the company avoids intermediaries, focusing on direct sales, and precisely targets two types of clients: automotive wire harness manufacturers and vehicle OEMs that produce their own harnesses, including BYD (002594.SZ), Luxshare Precision (002475.SZ), Leoni, and Aptiv. From 2022 to 2024, direct sales accounted for 98.69%, 96.75%, and 94.01% of revenue, enabling direct engagement with downstream demand.
In terms of financial performance, from 2022 to the first half of 2025, Haichang Intelligent's revenue scale expanded steadily, reaching 520 million yuan, 652 million yuan, 800 million yuan, and 438 million yuan respectively; corresponding net profits were 108 million yuan, 121 million yuan, 115 million yuan, and 61 million yuan. Behind this growth, although Haichang Intelligent holds resources from well-known enterprises like BYD and Luxshare Precision, its customer concentration remains relatively high. From 2022 to 2024 and the first half of 2025, sales revenue from the top five customers was 332 million yuan, 377 million yuan, 435 million yuan, and 243 million yuan respectively, consistently representing over 54% of total revenue. High customer concentration further highlights the importance of payment terms, with working capital occupation becoming an unavoidable real cost in its business model. During the reporting period, the book value of accounts receivable was 279 million yuan, 336 million yuan, 424 million yuan, and 433 million yuan respectively, accounting for 37.57%, 42.39%, 42.86%, and 34.75% of total assets. The company stated that as its operating scale expands, accounts receivable may increase further, continuously occupying working capital and bringing liquidity pressure.
Simultaneously, the company's inventory scale has climbed year by year, with the book value of inventory increasing from 189 million yuan in 2022 to 323 million yuan in the first half of 2025, accounting for approximately 25% of total assets, primarily consisting of raw materials, finished goods, and goods in transit. The "double-high" state of accounts receivable and inventory significantly ties up the company's working capital, also leading to the company's asset-liability ratio remaining at a relatively high level, reaching 56.34% in the first half of 2025. More critically, the company's profitability shows a continuous downward trend; from 2022 to the first half of 2025, the company's gross margin was 37.74%, 37.32%, 34.21%, and 33.5% respectively. The company explained this is mainly due to intensified market competition, higher technology and raw material inputs for customized orders, and an increase in production staff—in short, while the revenue scale is expanding, the profit margin is continuously shrinking. Regarding the fundraising plan, the company plans to raise 452 million yuan, directed towards the intelligent wire harness production equipment construction project, the R&D center construction project, and supplementing working capital.
Within Haichang Intelligent's list of major customers, its former parent company, Tianhai Electronics, has long been the largest customer. Their relationship is not merely a simple supplier-buyer one; behind them lies a deep equity connection. This backdrop involves a capital web woven by Yang Yongjun and a "group of seven," shrouded in a mist of unresolved fund pooling, data discrepancies, and control rights maneuvering. To understand the connection between the two, one must first mention the former parent company—Tianhai Electronics. As a leading domestic automotive components company, Tianhai Electronics' core business includes the R&D and production of automotive wire harnesses, connectors, and electronic products, with customers encompassing well-known automakers like Chery, Geely, SAIC, and Li Auto. Its IPO journey has been quite rocky, starting preparations for an A-share listing in 2017, having its application accepted in June 2025, and just undergoing its review meeting on January 16, 2026, marking a critical node in its nine-year-long marathon towards listing. Tracing history, the predecessor of Tianhai Electronics, Tianhai Technology, was established in September 2006 by Wang Laisheng and Li Delin. In 2017, equity was split into investment platforms—including Hebi Juren—and behind Hebi Juren were precisely Yang Yongjun, Li Delin, Wang Tao (inheriting his father Wang Laisheng's shares), and four others, making seven individuals in total.
Interestingly, during their tenure at the helm, this group of seven did not push for the overall listing of Tianhai Electronics but opted to "sell the parent and keep the child." In May 2020, Tianhai Electronics spun off its wholly-owned subsidiary, the former core wire harness equipment supplier—Haichang Intelligent—transferring 100% of its equity out of Tianhai Electronics. The transaction consideration was "zero consideration," and the transferees were precisely the shareholders of Tianhai Electronics at the time, with the core force being Yang Yongjun, Li Delin, Wang Tao, and the other members of the "group of seven." In other words, the "group of seven" transitioned from indirectly holding shares in Haichang Intelligent through Tianhai Electronics to indirectly holding shares through Hebi Juren (directly holding 22.3%). The rationale behind this change of entity became apparent just one month later. Merely one month after acquiring Haichang Intelligent for free, in June 2020, shareholders including Hebi Juren and Hebi Juke (still essentially the "group of seven" behind them) sold 51% of Tianhai Electronics' equity to Guangzhou Industrial Control for 1.23 billion yuan. Subsequently, Guangzhou Industrial Control directly held 38.57%, becoming the controlling shareholder and actual controller of Tianhai Electronics; while Yang Yongjun and the "group of seven," through their controlled entity Hebi Juhai, held only 15.94% of the shares, stepping down to the second-largest shareholder position with no controlling power. The outcome of this maneuver was that the "group of seven" cashed out from Tianhai Electronics while retaining absolute control over the high-quality asset, Haichang Intelligent, and proceeded to push for its independent listing.
Renowned economist Yu Fenghui commented that spin-offs can help companies accelerate business expansion and technological upgrades, ultimately enhancing their market competitiveness. Under the operation of the "group of seven," Haichang Intelligent grew rapidly and initiated its IPO in 2025. According to the prospectus, within Haichang Intelligent's equity structure, Hebi Juren directly holds 22.3% of the shares and indirectly controls 13.41% of the voting rights, collectively wielding 35.71% of the voting rights, making it the controlling shareholder. During the reporting period, the seven individuals—Yang Yongjun, Li Delin, Zhang Jingtang, Shen Zhifu, Qin Hong, Zhou Ping, and Wang Tao—collectively held 90.83% of the shares in Hebi Juren. Combined with Yang Yongjun's direct shareholding, the seven collectively controlled 41.28% of the voting rights in Haichang Intelligent, possessing absolute control. Currently, only Yang Yongjun serves as the company's chairman, and Li Delin serves as a director; the other five hold no positions in the company. Due to the previous equity entanglements, this "inextricable" historical relationship has raised strong regulatory doubts about the company's independence. According to Haichang Intelligent's prospectus, from 2022 to 2024, its related-party sales to Tianhai Electronics were 191 million yuan, 169 million yuan, and 198 million yuan respectively, each period accounting for over 20% of sales. Intriguingly, these figures "clash" with the related-party purchase amounts disclosed by Tianhai Electronics, with discrepancies reaching 6.8518 million yuan, 13.7438 million yuan, and 18.9386 million yuan respectively. Furthermore, according to Haichang Intelligent's disclosures, the related-party transactions involved not only items like wires and auxiliary materials but also, surprisingly, payroll distribution services, which typically only occur within integrated corporate groups that have not been separated.
Specifically, the payroll distribution services provided by Tianhai Electronics and its affiliates for Haichang Intelligent only occurred in 2022 and 2023, amounting to 326,500 yuan and 342,800 yuan respectively; no such transactions occurred in 2024 or the first half of 2025.
Additionally, during the critical period of the IPO review, Haichang Intelligent stated in its inquiry responses that the automatic fund pooling agreement between it and its former parent company, Tianhai Electronics, had been completely canceled in April 2022. However, from July 25 to July 28, 2024, the Bank of China system automatically executed fund pooling instructions late at night, directly transferring 10.3577 million yuan from Haichang Intelligent's account to Tianhai Electronics' account, which was then returned the following morning. From acquiring core assets for "zero consideration," to frequent discrepancies in related-party data, and the late-night automatic fund transfer, clouds of doubt regarding independence continue to hover over the company's listing process. As Haichang Intelligent sprints towards its listing at this critical juncture, can it successfully pass the review?
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