Zheng Quan Zhi Xing·2025-05-19 10:34Core Viewpoint - The report outlines the continuous supervision and guidance provided by Dongfang Securities for YN Technology's IPO and ongoing compliance with regulatory requirements, emphasizing the importance of corporate governance, internal controls, and information disclosure [1][2][3][4]. Continuous Supervision Work - Dongfang Securities has established a continuous supervision plan and signed a sponsorship agreement with YN Technology, detailing mutual rights and obligations [1][2]. - Regular communication, site inspections, and due diligence are conducted to monitor YN Technology's operational status [2]. - Any violations or breaches of commitments by YN Technology must be reported to the Shanghai Stock Exchange within five working days [2][3]. Corporate Governance and Compliance - The sponsor has urged YN Technology to implement effective corporate governance and internal control systems, which have been executed without any noted failures [3]. - The company is guided to adhere to legal and regulatory requirements, ensuring that all commitments are fulfilled [2][3]. Financial Performance - For the year 2024, YN Technology reported a revenue of approximately CNY 1.77 billion, a 24.70% increase from CNY 1.42 billion in 2023 [12]. - The net profit attributable to shareholders decreased by 36.41% to CNY 140 million, influenced by foreign exchange losses and inventory write-downs [12][13]. Research and Development - YN Technology emphasizes R&D, with 5.31% of revenue allocated to R&D activities, a decrease from 7.37% in 2023 [16]. - The company holds 188 authorized intellectual properties, including 91 invention patents, reflecting its commitment to innovation [17][23]. Market Position and Competitive Advantage - YN Technology is recognized as a national high-tech enterprise and has established a strong brand presence in the photovoltaic industry, receiving multiple awards for its products [20][19]. - The company has developed a comprehensive product line in the integrated solar and storage market, enhancing customer loyalty and market competitiveness [18][19]. Industry Risks - The photovoltaic industry faces intense competition, leading to potential price declines and margin pressures [7][8]. - Regulatory changes and trade barriers in key markets may pose risks to YN Technology's international operations [8][9]. Conclusion - The report highlights YN Technology's proactive measures in governance, compliance, and innovation, while also addressing the challenges posed by market dynamics and regulatory environments [1][2][3][4][7][8].