“背靠”比亚迪，尚水智能冲刺创业板IPO

新浪财经2025-12-12

背靠比亚迪这棵“大树”的深圳市尚水智能股份有限公司（下称“尚水智能”），正在冲刺创业板IPO（首次公开发行股票）。2025年12月9日晚间，深交所官网显示，尚水智能首发申请将于12月16日上会，保荐人为国联民生证券承销保荐有限公司。此前，尚水智能创业板IPO于2025年6月19日获得受理，并于当年7月3日进入问询阶段。这并非尚水智能首次尝试登陆A股。早在2023年6月30日，公司曾向...

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（下称“尚水智能”），正在冲刺创业板IPO（首次公开发行股票）。2025年12月9日晚间，深交所官网显示，尚水智能首发申请将于12月16日上会，保荐人为 国联民生 证券承销保荐有限公司 。此前，尚水智能创业板IPO于2025年6月19日获得受理，并于当年7月3日进入问询阶段。这并非尚水智能首次尝试登陆A股。早在2023年6月30日，公司曾向上交所递交科创板IPO申请，但在历经约11个月后，于2024年5月中旬主动撤回，首次闯关告结。此次转战创业板，尚水智能拟募集资金约5.87亿元，主要用于高精智能装备华南总部制造基地建设、研发中心建设及补充流动资金。值得关注的是， 比亚迪 在尚水智能的股权结构与业务体系中均扮演关键角色：既是尚水智能持股超5%的股东，也是第一大客户。2024年，仅来自 比亚迪 的销售收入就占尚水智能营业收入的65.78%。这种深度绑定在带来业务支撑的同时，也蕴藏风险。尚水智能在招股说明书中明确提示，公司存在对单一客户 比亚迪 重大依赖及相关关联交易占比过高的经营风险。增收不增利尚水智能创立于2012年，主营业务围绕微纳粉体处理、粉液精密计量、粉液混合分散、功能薄膜制备等核心工艺环节展开，产品可广泛用于 新能源 电池等行业。该公司的控股股东、实际控制人为金旭东，其直接和间接合计控制该公司51.15%的股份表决权。目前尚水智能主要面向新能源电池极片制造及 新材料 制备领域，专业从事融合工艺能力的智能装备的研发、设计、生产与销售。在新能源电池极片制造领域，尚水智能已与 比亚迪 （002594.SZ）、 亿纬锂能 （300014.SZ）、 宁德时代 （300750.SZ）等新能源电池及新能源 整车 企业建立了合作关系，并与三星 SDI、LGES、松下、SK On等海外新能源电池制造商开展业务合作。受益于下游新能源电池行业的持续发展，近三年，尚水智能的营业收入表现比较亮眼，不过净利开始出现放缓下滑的迹象。招股书披露，报告期内（2022年1月1日至2025年6月30日期间），尚水智能营业收入分别为3.97亿元、6.01亿元、6.37亿元和3.98亿元，净利润分别为9772.15万元、2.34亿元、1. 53亿元和9370.62 万元，2022年至2024年营业收入年均复合增长率为26.70%。2023年净利润同比上年大幅增长，但2024年净利润较2023年下滑34.90%，尚水智能称，主要是 软件 企业增值税即征即退、产品毛利额变动等因素影响。尚水智能称，未来，若新能源以及新材料下游市场需求增速放缓甚至下降，可能面临收入增速放缓、毛利率下滑等情形，致使净利润继续下滑的风险。与此同时，记者注意到，尚水智能的财务报表中经营活动产生的现金流量净额表现持续不佳。数据显示，2023年和2024年，尚水智能经营活动产生的现金流量净额分别为-7256.58万元和-1539.59万元，而同期净利润高达2.34亿元和1.53亿元。对此，尚水智能称，2023年和2024年，受下游增速放缓影响，新增订单实现的销售商品收到的现金有所下降；公司依据市场需求、生产计划等制定物料备货，受公司产品结构、客户交付周期以及采购计划影响，2023年度、2024年度公司购买商品、接受劳务支付的现金占采购总额的比例虽然有所下降但仍然维持在较高水平，上述原因导致2023年和2024年经营活动现金流量净额较小，与净利润的差额较大。重度依赖 比亚迪从收入结构来看，尚水智能对 比亚迪 存在显著依赖。自2013年起，尚水智能便与 比亚迪 开展合作，2015年开始批量供货，合作已超12年。2025年11月28日，双方签署为期五年的战略框架合作协议，约定在符合 比亚迪 采购规则的前提下，其所需的新能源电池极片制造 专用设备 、新材料设备在同等条件下优先向尚水智能采购。同日， 比亚迪 承诺将其所持尚水智能股份的锁定期由12个月延长至36个月。从数据来看，招股书披露，报告期内，尚水智能对前五大客户的销售金额占当期营业收入的比例分别为91.48%、91.76%、89.86%和 93.65%，其中对 比亚迪 的销售金额占比分别49.04%、48.39%、65.78%和36.29%，对应的销售毛利占比分别为54.48%、48.70%、66.67%和33.80%。公司对 比亚迪 构成重大依赖，同时 比亚迪 持有公司超过5%的股份，构成公司关联方，双方之间的交易构成关联交易。值得注意的是，2025年1—6月， 比亚迪 在尚水智能前五大客户销售占比降至第二位，比例为36.29%，第一位为 亿纬锂能 （300014.SZ），占比为44.29%。尚水智能预计，在未来一定时期内，对 比亚迪 的销售收入占比较高的情形仍将持续。公司主要向 比亚迪 销售 锂电池 制浆系统，双方已建立较为稳定的合作关系。若未来公司新客户拓展不达预期，或 比亚迪 经营状况、采购策略发生重大变化，抑或双方合作关系被其他供应商所取代，可能导致 比亚迪 减少对公司产品的采购，从而对公司业务发展及经营业绩产生不利影响。此外，尚水智能还面临存货余额较大及减值的风险。招股书披露，报告期各期末，尚水智能存货账面价值分别为6.18亿元、8.79亿元、8.85亿元和10.37亿元规模呈上升趋势，占流动资产比例分别为48.13%、61.95%、58.45%和 63.42%，占比较高。尚水智能称，随着公司业务规模的不断扩大，预计未来存货规模仍将进一步增长。若公司未能对存货进行有效管理，可能导致营运资金占用增加、资金使用效率降低，进而对公司财务状况和经营成果产生不利影响。毛利率下滑也是尚水智能面临的潜在风险。报告期各期，尚水智能主营业务毛利率分别为48.10%、57.08%、48.72%和53.65%。随着下游客户规模不断扩大，其降本增效需求日益增强，对智能制造装备的采购成本管控趋于严格。报告期内，该公司产品价格整体呈下降趋势，根据初步测算，公司 2025年6月末在手订单毛利率预估在25%左右。记者注意到，2024年11月， 比亚迪 曾向供应商发布《2025年 比亚迪 乘用车降本要求》。作为一家营收深度依赖 比亚迪 的企业，尚水智能表示，未来，若下游客户进一步加强对设备采购价格的控制，或市场竞争加剧，可能导致产品销售价格下降；或公司原材料价格、人工成本等生产要素成本大幅上涨，将对公司主营业务毛利率形成较大压力。2025年12月11日，经济观察报记者通过招股书中披露的联系方式就IPO相关问题向尚水智能采访，截至发稿尚未获得回复。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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