控汇股份IPO终止背后：濒临亏损边缘 持续分红惹争议

Core Viewpoint - After a four-month "suspended" review status, the company has chosen to withdraw its IPO application, leading to the termination of its listing process [2] Group 1: Company Performance - In 2024, the company reported revenue of 258 million yuan, a year-on-year decrease of 16.34%, contrasting with an average growth rate exceeding 30% over the previous three years [3] - The net profit for 2024 was 3 million yuan, a dramatic decline of 93% compared to previous years, where the lowest growth rate was 16.20% [3] Group 2: IPO Details - The company, Shenzhen Konghui Intelligent Co., Ltd., was established in 2010 and specializes in the research, production, and sales of industrial automation control products [4] - The company submitted its IPO application to the Beijing Stock Exchange on November 3, 2023, aiming to raise 163 million yuan for expansion projects and R&D [4] Group 3: Controversies and Concerns - There are significant concerns regarding the necessity and rationality of the fundraising projects, particularly the projected output ratio dropping from 18.00 to 4.75 post-expansion [4] - Despite negative cash flow from operating activities from 2020 to 2024, the company distributed cash dividends totaling 23.43 million yuan, with the controlling shareholders receiving 10 million yuan [4] - The company's reliance on major client BYD has weakened, with orders amounting to 4.774 million yuan in 2023, a decrease of over 90% year-on-year [4]