朗泰通科技IPO梦碎：年营收超11亿，募资7亿计划为何折戟？

Core Viewpoint - Dongguan Langtai Technology Co., Ltd.'s IPO process has been halted by relevant authorities, which introduces uncertainty into the company's future development plans [1]. Financial Performance - Langtai Technology aimed to raise 700 million RMB, primarily for the construction of a lithium iron phosphate battery production base (471 million RMB), a research and development center (81.29 million RMB), and working capital (150 million RMB) [1]. - The company has shown consistent revenue growth from 961 million RMB in 2021 to 1.159 billion RMB in 2023, with net profits increasing from 66.07 million RMB to 89.44 million RMB during the same period [1]. - However, the net profit after deducting non-recurring gains and losses slightly decreased to 80.50 million RMB in 2023 [1]. - Total assets as of December 31, 2023, were 1.248 billion RMB, with total liabilities at 326 million RMB, resulting in a debt-to-asset ratio of 26.11% [2]. - The company's operating cash flow improved significantly, reaching 235.20 million RMB in 2023, compared to 60.96 million RMB in 2022 [2]. Market Position and Product Line - Langtai Technology specializes in the research, production, and sales of lithium-ion batteries, nickel-hydrogen batteries, and PACK battery systems, with applications in energy storage, small power, and consumer markets [1]. - The company has a notable market share in energy storage products, particularly in home storage, portable storage, and general storage sectors [1]. Shareholding Structure - The controlling shareholder, Langtai Investment, is primarily controlled by Deng Zhirong, who holds a 32.87% direct stake and controls a total of 78.01% of the voting rights in Langtai Technology [3]. - Other significant shareholders include Guomin Technology (4.45%), Qianhai Fund (3.38%), and Xiamen Huqiao (2.03%) [3]. Future Outlook - The termination of the IPO introduces uncertainty, but Langtai Technology remains competitive in the lithium-ion battery sector and may seek alternative funding methods to continue its production and R&D initiatives [4].