Winner Technology Co.,Inc. (SZ:300609) has responded to an inquiry regarding its 2025 private placement plan. According to the prospectus, the company intends to raise up to 739 million yuan, with the sole subscriber being its controlling shareholder, Jiang Zexing.
During the reporting period covering 2022, 2023, 2024, and the first nine months of 2025, the company's accounts receivable balances were 261 million yuan, 253 million yuan, 314 million yuan, and 289 million yuan, respectively. These figures accounted for 72.14%, 67.13%, 86.36%, and 153.17% of the operating revenue for each corresponding period.
Winner Technology attributed the significant increase in the accounts receivable-to-revenue ratio in the most recent periods to certain clients' insufficient payment capabilities and delays caused by internal approval processes and payment cycles.
The company reported net losses attributable to shareholders of 37.6713 million yuan, 34.0276 million yuan, 23.8615 million yuan, and 35.8052 million yuan for the respective periods, indicating continuous financial losses.
Winner Technology stated it has implemented cost-reduction and efficiency-improvement measures, including active business development and management optimization. While maintaining its core digital solutions for实体商业 (physical commerce) and public services, the company is actively expanding the application of AI, big data technology, and computing power into other industries and scenarios.
Leveraging the controlling shareholder's background and resources in additive manufacturing, and noting the industry's rapid development and evolution towards platform-based, ecological models, Winner Technology sees opportunity in the cultural and trendy toys sector. The company plans to enter this market with an "AI Big Data + IP Cultural Trendy Toys" strategy as a key breakthrough to build an integrated, intelligent industrial ecosystem.
By utilizing AI for creative design assistance, analyzing consumer preferences with big data, and combining popular IP elements, the company aims to quickly develop trendy products and capture market share through smart pricing and rapid production capabilities.
Specifically, the business will involve obtaining licenses for well-known IPs and developing proprietary IPs (potentially including AI-generated content) to design, produce, and sell cultural and trendy toys, thereby cultivating new profit growth points.
Proceeds from the placement, after deducting issuance expenses, will be entirely used to supplement working capital. This infusion is intended to alleviate financial pressure from existing operations, technological upgrades, and the development of the new integrated platform, thereby strengthening the company's resilience to macroeconomic fluctuations.
While the success of this new venture remains uncertain, the pressure from receivables is immediate. By the end of the third quarter of 2025, accounts receivable had ballooned to 153.17% of revenue.
Winner Technology noted that the age of its receivables is primarily within two years, accounting for between 70% and 80% of the total balance, which it considers reasonable and consistent with industry peers.
The company further explained that the high receivables-to-revenue ratio is partly due to seasonal revenue patterns, where client IT investments are typically decided in the first half of the year but construction and revenue recognition occur mostly in the second half, leading to higher sales and receivables balances at year-end.
Additionally, the company's accounts receivable turnover ratios for the reporting periods were 1.44, 1.47, 1.28, and 0.63, significantly lower than the average ratios of comparable peers such as Huiyan Data, Shiji Information, Jinqiao Information, and Tuersi, which averaged 2.90, 2.93, 2.86, and 1.75, respectively.
Winner Technology attributed the declining turnover ratio in 2024 and the first three quarters of 2025 primarily to payment issues with specific clients, including insufficient funds from Client A and overdue payments from Clients B and C.
Comments