Sou Hu Cai Jing·2025-05-15 09:41Core Viewpoint - Guangzhou Shanghang Information Technology Co., Ltd. (Shanghang Technology) has submitted a second round of inquiry response regarding its application for public stock issuance and listing on the Beijing Stock Exchange, highlighting its role as a one-stop service provider in the Internet Data Center (IDC) sector [1] Group 1: Business Overview - Shanghang Technology's main business includes IDC comprehensive services, cloud comprehensive services, and other services [1] - The company has a high customer concentration, with the top five customers accounting for 61.40%, 66.91%, 79.31%, and 78.95% of its main business revenue during the reporting period [1] Group 2: Customer Dependency - In the first half of 2024, the three major telecom operators (China Telecom, China Mobile, and China Unicom) contributed 49.13% of the sales revenue [2] - Shanghang Technology became a major customer of the three telecom operators in 2022, and there is a significant overlap between customers and suppliers, particularly in the Wuxi and Huailai regions [2] Group 3: Regulatory Inquiry - The Beijing Stock Exchange has requested Shanghang Technology to explain the commercial rationale behind the three telecom operators renting cabinets through the company rather than directly [3] - The company is also required to clarify the stability and sustainability of its cooperation with the three telecom operators and the overlap in procurement and sales of cabinets in similar regions [3] Group 4: Financial Performance - During the reporting period, Shanghang Technology's main business revenues were 453.36 million yuan, 485.77 million yuan, and 477.11 million yuan, with net profits of 66.35 million yuan, 70.58 million yuan, and 70.06 million yuan respectively [4] - The company is required to analyze the reasons for the decline in main business revenue and net profit in 2024, considering the operating environment of downstream internet enterprises and the competitive landscape of the IDC industry [4]