文 | 子弹财经

youyijia“jilixi”qiyexiangzibenshichangfaqichongji。

11yue22ri，zhijiaqiyefuruitaike（zhejiang）zhinengkejigufenyouxiangongsi（yixiajiancheng：furuitaike）xianggangjiaosuodijiaozhaogushu，zhenrongxiangdanghaohua，zhongxinzhengquan、zhongjingongsi、huataiguojijihuifengweilianxibaojianren。

jinnianshangbannian，zai“wenjiem7yunchengshigu”zhong，waijiepuchufuruitaikeyisishishiguchexingdezhijiaxitonggongyingshang，rangzheigechenglijin8niandezhijiagongsizoudaolejuguangdengxia，danfuruitaikeshizhongweicengduicifasheng。

zaizhaogushuzhong，gongsiduisailisi、wenjiehuohuaweizhiziweiti。danzhidezhuyideshi，zaigongsichuanglizhichu，touguosuzhoujinshajiang，huaweitouzichiyoufuruitaikeshaoliangguquan。

dangongsiyujilideguanxigengjin。ipoqian，jilikonggujituandongshizhanglishufujiyishuangernvtongguokongzhidegongsichiyoufuruitaikeguquan。bujinruci，jilihaishifuruitaikededakehu。

jibianyoujiliyilituoju，furuitaikerengranmeiyouzouchukuisun。jiezhi2024nian6yue30ri，gongsileijikuisunjin29yiyuan。

cifanfugangipo，furuitaikenengfouyinglaifazhanxinqiji？

1 背靠吉利，李书福及子女均入股

jinnianlai，zhongguozhijiaxingyepengbofazhan，yeyunyuchuyipizhijiaqiye，yidipingxian、heizhimazhineng、wenyuanzhixingweidaibiaodeduojiamingxingqiyeyijingruyuandengluzibenshichang。

rujincaidibiaogangjiaosuodefuruitaikesuanshiyige“houlaizhe”，zuoweiyijiazhinengjiashijiejuefangangongyingshang，furuitaikechenglideshijianbusuanzhang——2016nian9yuefuruitaikechengli，zhijinbuguo8nianduo。

zaizhaogushuzhong，gongsibiaoshi，chuangshirenshimeijihuarenzhanglin。dan「zidancaijing」shulifaxian，zaifuruitaikechenglizhichu，bingmeiyouzhanglindeshenyingchuxian，fanershilishufuhetayiduizinvzaozaochuxianzailechuchuanggudongdemingdanzhizhong。

zhaogushuxianshi，chenglizhishi，lishufulianhechuanglideyikatongkeji（xianchengzhejianghuanfukejiyouxiangongsi）chiyoufuruitaike16%guquan。

yucitongshi，yijiamingweihangzhoulangmatouzihehuoqiyedegongsichigu14%，zheijiaqiyeyoulishufudenverliniyuerzilixingxingchiyouchao99%guquan。

图 / 福瑞泰克招股书

zaihouxufazhanzhong，jilixiduifuruitaikejinxingleyixiliedeguquantengnuo，zhijinrengshigongsidediyidajigougudong。ipoqian，lishufuchiguchao90%deningbojunmaweigongsidanyizuidagudong，kongzhi12.31%guquan。

erzhanglinchiguxiangdangfensan。tianyanchaxianshi，zhanglintouguoduogeguquanjilipingtai、ningbojunmadengchiyoufuruitaikeguquan，guquanbilibuzu3%，yuanyuanbudijilixi。

图 / 福瑞泰克招股书

duiyuzaichuanglizhishi，zhanglinjiujingyoumeiyourugu，shifoucunzaidaichixingwei？zuoweichuangshiren，weihezhanglindechigubilirucizhidi？duici，「zidancaijing」shituxiangfuruitaikefangmianjinxinglejie，danjiezhifagaorengweihuohuifu。

qishi，furuitaikeguanlicengbenshenjiuhejiliyuanyuanposhen。2011nian4yuezhi2016nian2yue，zhanglindanrenjilikonggugongsifuzongcai。chucizhiwai，lianximishuguoli、renliziyuanjizonghexingzhengfuzongcaipengwenshuaijuncengzaijilirenzhi，ergongsifeizhixingdongshiyangjianzi2012nian12yueqijiudanrenjilikonggugongsifudongshizhang。

zaiyewuduan，jiligengshibuduantuojufuruitaike。

zhaogushuxianshi，2021nianzhi2024nianqian6yue，gongsishixianshouru3.33yiyuan、3.28yiyuan、9.08yiyuan、3.12yiyuan。zaizheiqijian，jilijituanyizhishigongsideqianwudakehu。

图 / 福瑞泰克招股书

zai2023nian，jilijituanyiyuechengweifuruitaikediyidakehu，gongxianle3.93yiyuan，zhanbizongshourude43.3%。haishizaizheiyinian，furuitaikeshourutufeimengjin，tongbibaozhang177%。

zaijiliyiluhusongxia，furuitaikelaidaogangjiaosuomenqian。danfuruitaikehuoxuyinggaimingbai，weilaiwulunshangshiyufou，gongsidouyinggaixuehuiduli“xingzou”。

2 低阶起步利润微薄，累亏近29亿

zhaogushuxianshi，furuitaikechanpinfugaigaojijiashifuzhuxitong(adas)jizidongjiashixitong(ads)jishujiejuefangan。

hewenyuanzhixing、xiaomazhixingdengjujiaol3、l4denggaojiezhijiabutongdeshi，furuitaikeqibushixuanzelvxianjianggongnengjiandandel0、l1zhinengjiashijiejuefanganluodi。

erzheizhongzuofabenshenjiushiyiba“shuangrenjian”。

yifangmian，dijiezhijiajishuxiangduichengshu，furuitaikeyedeyizaozaoshixianchanpindeshangyehua。

lingyifangmian，dijiezhijiajishumenjiandi，chanpinzhuyaotouruzaiyingjianduan，zheiyeyiweizhe，zheileigongyingshangzaicheqimianqiandehuayuquanpiandi，erzhengzaida“jiagezhan”decheqishibiyaoyasuolingjianchengben，jinerjiyagongyingshangdelirun。

zaizhaogushuzhong，furuitaiketanyan，qicheoemgongyinglianjingzhengjilie，fuwudeqicheoemshuliangyouxian。gongyinglianzhong，jiyoucanyuzheyuxinjinshichangcanyuzhedejingzhengriqujilie，jinyibujiajuledingjiayali。

congguowangshujulaikan，furuitaikedelirunyijingxiangdangweibo。2021-2024nianshangbannian，gongsimaolilvfenbiewei11.2%，6.2%、7.3%ji6.0%，zhengtichuyuxiahuaqushi。

图 /福瑞泰克招股书

jibianyijinggaodurangli，furuitaikedecunhuorengranzougao。2021nianzhi2024nianqian6yue，gongsicunhuofenbiewei1.51yiyuan、3.89yiyuan、4.19yiyuanji4.27yiyuan。

图 /福瑞泰克招股书

gengyaojindeshi，qicunhuozhouzhuansudumanlexialai。shangshutongqi，gongsicunhuozhouzhuantianshufenbiewei135.8tian、316.3tian、172.8tianji259.9tian。

图 /福瑞泰克招股书

zaizheiyangdebeijingxia，furuitaikechuxiankuisunyijingshi“yiliaozhizhong”deshiqing。

zhaogushuxianshi，2021nianzhi2024nianshangbannian，furuitaikejingkuisun2.96yiyuan、8.55yiyuan、7.38yiyuanhe2.78yiyuan；jingdiaozhengjingkuisun（feiguojicaiwubaogaozhunzejiliang）fenbiewei2.76yiyuan、6.92yiyuan、6.27yiyuanji2.17yiyuan。

图 /福瑞泰克招股书

zhangnianleiyuedekuisun，yijingjiangfuruitaikedekuisunzongetuizhigaowei。zhaogushuxianshi，jiezhi2024nian6yue30ri，gongsileijikuisun28.70yiyuan。

图 /福瑞泰克招股书

haozai，jiliyijingjifuruitaikechileyike“dingxinwan”。zhaogushuxianshi，2025nianzhi2027nian，gongsixiangjilikonggujiqilianxirentigongchanpinjifuwudeshangxianfenbiewei11.15yiyuan、13.30yiyuan、15.48yiyuan。

图 /福瑞泰克招股书

youzheixiehezuotuodi，furuitaikeweilai3nianyinggainengzoudeqingsongyixie。

3 3年融资16亿现金流承压

zuoweiquanqiuzuidadeqicheshichang，zhongguoweizhinengjiashijishudeshangyehuatigongleguangkuodejiyu。genjuzhuoshizixundeziliao，dao2028nian，zhongguoliangchanjizhinengjiashijiejuefangandeshichangguimoyujijiangdadao2103yiyuan。

renheyipianlanhai，doubuqueshaojingzhengzhe。

furuitaiketanyan，xingyemianlinjiliejingzheng。ruoxiangzaizheichang“bujinzetui”decankutaotaisaituwei，yaobuyouzugouqiangdadeguimoxiaoying，nenggouzuodaozugoudijia；yaobujiuzhanlingjishugaodi，chengweicheqibukehuoquedehuoban，erzheijiuxuyaochixudaezijintouruyanfa，shengji、diedaichanpin。

congfuruitaikededongzuolaikan，gongsizhengzaibuduanshengjichanpin、jishu，rujinzhijiajiejuefanganjishuyijingzhujiantishengdaolel2++jibie，zhengzaituijinl3jijiejuefangandekaifa。

zhaogushuxianshi，ipoqian，furuitaikedechanpinjuzhencongft pro、ft max，fengfudaolegenggaojiedeft ultra。qizhong，ft proyijingdiedaidaodierdai，ft maxdiedaidaodisandai。

chucizhiwai，2022nian，gongsihaifabuleruanyingyitizhinengjiashijishupingtai—odinpingtai。

图 /福瑞泰克招股书

erzheixieyanfa，xiaohaolejuezijin。2021nianzhi2024nian6yue，gongsideyanfakaizhifenbiewei1.85yiyuan、5.15yiyuan、5.61yiyuanji1.87yiyuan，fenbiezhantongqishourude55.6%、157.2%、61.8%ji60.0%。

furuitaikeyuji，zaixinjiejuefangandesheji、kaifa、zhizaoheshangyehuayijixianyouchanpindewanshanguochengzhong，gongsijianghuichixuchanshengpangdaqiekenengbuduanzengjiadeyanfakaizhi。

图 /福瑞泰克招股书

neimewentilaile，qiancongnalai？

congqiyezishenlaikan，gongsiqianque“zaoxuenengli”。2021nianzhi2024nianshangbannian，gongsishixianjingyingxianjinliujinge-2.73yiyuan、-7.03yiyuan、-4.98yiyuan、-1.72yiyuan，zhangqichuyuliuchuzhuangtai。

图 /福瑞泰克招股书

zaiguowangdefazhanzhong，furuitaikejiduyilaitouzi。2021nian6yuezhi2024nian5yue，gongsijinxing9lunrongzi，huodeleyue16yiyuanrongzi，danzheixiekuanxiangyijibenxiaohaodaijin。

jiezhi2024nian11yue17ri，furuitaikeyidongyong94.91%dechoujizijin。

jiezhi2024nian9yue30ri，furuitaikedexianjinjixianjindengjiawuwei1.98yiyuan、duanqijiekuan3.11yiyuan，zijinlianmingxianchengya。

图 /福瑞泰克招股书

anzhaofuruitaikedeshuofa，jiezhi2024nian9yue30ri，gongsiyongyouweidongyongyinxingrongzi11yiyuan。ruodanchunyongyurichangyunying，zheixiezijinzirankeyizhichengxiangdangyiduanshijian。

danruoxiangzhichenggaoedeyanfatouru，zheixiezijinkongpayenanyizhichengtaijiu。furuitaikezaizhaogushuzhongshengcheng，yingyunzijinkemanzumuqianjizibenwenjianriqiqiweilai12geyuedexuqiu。

rengzhidezhuyideshi，tangruofuruitaikegaoeshiyongyinxingrongzi，jihuizengjiazhaiwu，haiyaozhifuyidingderongzichengben。ershangshizhixuyaofaxingxingu，chengbendixiandegengjia“jingji”，rongzieduyegenggao，furuitaikeweihexuanzecishichongcizibenshichangyouciyekekuiyier。

guoqujinianshijian，furuitaikeyecengshizibendechonger。zhaogushuxianshi，jinnianzuihouyilunrongziguohou，furuitaikedetouhouguzhiyijingdadao60.6yiyuan。

jiexialai，furuitaikenengfouruyuandengluzibenshichang，「zidancaijing」jiangchixubaochiguanzhu。