凝思软件终止创业板IPO 原计划募资近8亿元

Core Viewpoint - Beijing Ningsi Software Co., Ltd. has withdrawn its IPO application after being approved by the ChiNext board, highlighting challenges in the domestic operating system market and the company's high customer concentration [1][3]. Group 1: Company Overview - Ningsi Software focuses on the security capability construction of national critical information infrastructure and is dedicated to operating system research and development, along with system function software and cloud computing products [1]. - The company has developed the Ningsi Security Operating System based on Linux, which is independent of foreign commercial entities and open-source projects, ensuring resilience against supply chain disruptions [1]. - Ningsi Software's core technology includes the "Ningsi Solid Domain" security subsystem, recognized as one of the three major Linux-compatible security modules globally [1]. Group 2: Market Position and Performance - The domestic operating system localization rate in China was less than 5% in 2022, prompting national policies to accelerate the development of domestically controlled products in this sector [2]. - Ningsi Software has established a strong presence in the electric power industry, holding a 26.9% market share in server operating systems in this sector in 2021, ranking first among domestic vendors [2]. - The company has expanded its expertise from the electric power sector to telecommunications, rail transportation, and finance, serving major clients such as telecom operators and state-owned banks [2]. Group 3: Financial Performance - Ningsi Software's revenue from 2020 to 2022 was 142 million, 172 million, and 210 million yuan, respectively, with net profits of 102 million, 98.72 million, and 121 million yuan [2]. - The company's revenue concentration is high, with the electric power sector accounting for 99.31%, 98.32%, and 96.87% of total revenue from 2020 to 2022 [3]. - The top five customers contributed to 75.03%, 71.07%, and 65.49% of total revenue during the same period, with State Grid's contribution being 52.41%, 47.39%, and 44.38% [3]. Group 4: IPO Journey - Ningsi Software's IPO was accepted in December 2022, with plans to raise 793 million yuan for various projects, including operating system upgrades and cloud computing product development [3]. - After being approved in August 2023, the company did not submit the registration, leading to the eventual withdrawal of its IPO application [3].