Core Viewpoint - Jiangbolong's IPO application for the Hong Kong market has been accepted by the China Securities Regulatory Commission, marking a step forward for its listing process after raising 2.338 billion yuan in its A-share IPO in August 2022 [1][2]. Financial Performance - Jiangbolong's net profit surged from 128 million yuan in 2019 to 1.013 billion yuan in 2021, representing a sevenfold increase over three years [2][3]. - However, in the year of its IPO, the company's net profit dropped dramatically by 95.92% to 38 million yuan, followed by a significant loss of 880 million yuan in 2023 [3][5]. - The company attributed its poor performance to adverse macroeconomic factors, including the pandemic, the Russia-Ukraine conflict, and high global inflation, which led to a decline in market demand [5]. Comparison with Peers - Jiangbolong's profit fluctuations are notably inconsistent compared to its peers, with competitors like WDC and Corsair Gaming showing stable or growing profits during the same period [6][5]. - In 2023, while Jiangbolong reported a loss, its peers experienced profit growth, indicating a lack of alignment in performance within the industry [6]. Financial Data Discrepancies - There are significant discrepancies between Jiangbolong's financial data disclosed in its A-share IPO prospectus and its subsequent financial reports, raising questions about the authenticity of its financial statements [9][15]. - The company reported a cumulative net profit of 669 million yuan from 2019 to 2024, while its operating cash flow was negative at -4.874 billion yuan, indicating a severe divergence [7][8]. Dividend Controversy - Jiangbolong plans to use the funds raised from its Hong Kong IPO to expand production capacity and enhance R&D capabilities, despite having recently raised 2.338 billion yuan in its A-share IPO [16]. - The company declared cash dividends totaling 302 million yuan for 2022 and 2024, which is 147% of its net profit for the same period, raising concerns about its financial prudence given its recent losses [16][17].
江波龙港股IPO：A股上市当年扣非净利润大降95%第二年巨亏8.8亿元 核心财务数据严重“打架”