济南森峰激光IPO终止后转战新三板，去年前三季度营收近10亿元

Core Viewpoint - Jinan Senfeng Laser Technology Co., Ltd. has transitioned to the New Third Board after terminating its IPO application for the ChiNext market, with nearly 1 billion yuan in revenue reported for the first three quarters of the previous year [3][7]. Company Overview - Founded in May 2007, Senfeng Laser specializes in the research and development of laser processing equipment and intelligent manufacturing solutions, with a registered capital of 57 million yuan [3]. - The company's core products include laser cutting, welding, and cladding equipment, which are widely used in automotive parts, engineering machinery, and aerospace, and are expanding into emerging markets like new energy vehicles [3]. - Senfeng Laser operates under two brands: "SENFENG" targeting international markets and "Leiming" focusing on domestic markets [3]. Financial Performance - The company reported revenues of 992 million yuan, 1.332 billion yuan, and 958 million yuan for the years 2022, 2023, and the first three quarters of 2024, respectively [7]. - The net profits attributable to the parent company were 103 million yuan, 110 million yuan, and 78 million yuan for the same periods, with gross profit margins of 33.62%, 30.29%, and 31.38% [7]. - A significant portion of revenue, over 80%, comes from laser processing equipment sales [7]. Market Presence - The company has a high proportion of overseas revenue, with international sales accounting for 72.89%, 63.36%, and 62.55% of total revenue in 2022, 2023, and the first three quarters of 2024, respectively [3]. Shareholding Structure - The actual controllers of Senfeng Laser, Li Fengxi and Li Lei, hold a combined 61.98% of the shares, with additional family members holding approximately 5.13% through an employee stock ownership plan [4]. IPO and Financing History - The company attempted to go public on the ChiNext market but withdrew its application in January 2025 after receiving scrutiny regarding performance commitments and agreements with investors [4][6]. - In 2018, the company entered into a performance commitment agreement with investors, which it failed to meet in 2018 and 2019, leading to further inquiries from the Shenzhen Stock Exchange [4][6]. Inventory Concerns - As of the reporting periods, the company's inventory value exceeded 200 million yuan, with inventory accounting for 40.37%, 28.79%, and 31.61% of current assets, raising concerns about potential impairment risks if market demand declines [7].