笔者注意到，报告期内，尽管锐翔智能营收与净利润保持持续增长、核心业务收入贡献不断提升，但公司经营仍暗藏多重隐忧，如公司客户集中度极高，前五大客户收入占比常年超过84%，而贡献近半营收的第一大客户东山精密净利润持续下滑，第二大客户Mektec集团销售收入显著萎缩，两大核心客户陷入经营困境，给公司未来业绩增长带来较大不确定性。此外，公司毛利率自2023年起持续高于同行，但研发费用率与研发人员数量均大幅低于行业平均水平，高毛利与低研发的不匹配现象，引发市场对其盈利合理性的质疑。同时，公司货币资金充裕、持有大额理财产品且曾实施大额现金分红，资金链整体宽松，却仍计划在本次IPO中募集5000万元用于补充流动资金，此举的必要性也备受关注。
For an instant camera, image quality is also better than most of the other cameras I tested, producing relatively true-to-life photos. Most struggle to capture low-light conditions well, and this one is no exception, but the built-in flash helps. Fujifilm claims the Mini 12 optimizes image quality in both bright and dark environments better than its predecessor, but I didn’t notice much of a difference. The flash — which you can’t disable — is also still overpowering in some instances, resulting in a few overexposed images. Photos actually seemed a little darker and less vivid than before, but selfies captured my features and skin tone more accurately, thanks in part to the small front-facing mirror. The updated lens design also lets you twist into Close-Up Mode to zoom slightly and activate the Parallax Correction features for a more aligned photo. It’s a fun, point-and-shoot-style feature, though aligning photos still takes some practice (as well as some composition guidance from the manual).，更多细节参见夫子
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