碧兴物联科创板上市迷局：给资金做业绩？业绩持续变脸 异常保证金有无猫腻

Core Viewpoint - Bixing Wulian's performance has drastically changed post-IPO, raising questions about the authenticity of its financial data and potential irregularities surrounding its listing [1][2][4] Group 1: Performance and Financial Data - Bixing Wulian reported a revenue of 329 million yuan in 2024, a decrease of 5.91% year-on-year, and a net loss of 38.54 million yuan, a decline of 264.92% [2] - The company experienced a significant performance drop after its IPO, with a net loss of 10.22 million yuan in Q1 2024, a decrease of 443.46% year-on-year [2] - The company has faced continuous regulatory inquiries since its listing, indicating concerns about the authenticity of its financial data [2][4] Group 2: IPO and Valuation Concerns - Bixing Wulian's IPO was marked by a significant valuation increase, with a registered capital increase from 53 million yuan to 58.89 million yuan, raising its valuation to approximately 900 million yuan [9][10] - The company’s financial performance prior to its IPO showed substantial growth, with revenue growth rates of 13.52% and 40.3% in 2020 and 2021, respectively [4] - There are discrepancies between Bixing Wulian's reported data and that of its industry peers, raising questions about the accuracy of its financial disclosures [7] Group 3: Customer Relationships and Transactions - Shanghai Koze became Bixing Wulian's largest customer in 2022, contributing 57.69 million yuan in sales, which accounted for 12.21% of total revenue [18] - There are concerns regarding the high performance bond ratios in contracts with Shanghai Koze, which exceed standard industry practices [24][25] - Bixing Wulian's relationship with former employees who now work for Shanghai Koze raises potential conflicts of interest and questions about the legitimacy of business dealings [20][21] Group 4: Regulatory and Compliance Issues - The company has faced criticism from regulators for its slow project progress and failure to disclose significant contracts in a timely manner [30] - Bixing Wulian's core investment projects have seen minimal progress, with completion rates of 0% and 6.57% for key initiatives as of the end of 2024 [30] - The company has been subject to public criticism and regulatory scrutiny due to its financial practices and governance issues [30]