去年首家获受理企业终止IPO！报告期内业绩波动明显，首轮被问询募资合理性后取消补流项目

Core Viewpoint - Dongang Technology's IPO application has been terminated again after transitioning from the ChiNext to the Beijing Stock Exchange, primarily due to concerns over business innovation, performance decline risks, and the rationality of fundraising projects [1][3][4]. Group 1: IPO Process and Challenges - Dongang Technology was the first company to have its IPO application accepted in 2024, but it voluntarily withdrew its application after two rounds of inquiries from the Beijing Stock Exchange [2][3]. - This is not the first time Dongang Technology has faced challenges with its IPO; it previously withdrew its application for the ChiNext in September 2022 after receiving a second round of inquiries [2][3]. Group 2: Business Overview - Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various types of lamps used in specialized fields such as vehicle maintenance, construction, and emergency response [3][4]. - The company claims to have strong competitive advantages in product performance and technological innovation, primarily serving markets in Europe and North America [3][4]. Group 3: Financial Performance - From 2020 to 2024, Dongang Technology's revenue fluctuated, with figures of 178 million, 263 million, 231 million, 221 million, and 234 million yuan respectively, indicating a notable decline in 2022 and 2023 before a slight recovery in 2024 [7]. - The company's net profit also showed volatility, with a decrease in 2022 and 2023, followed by a modest increase in 2024 [7][9]. Group 4: Customer Concentration and Risks - The company has a high customer concentration, with its top three customers accounting for over 78% of total sales in recent years, raising concerns about revenue stability [9][10]. - Sales to major clients saw significant declines in 2022, attributed to external economic factors such as the Ukraine crisis and inflation [10][11]. Group 5: Fundraising and Investment Plans - Dongang Technology plans to raise 260 million yuan through its IPO, with allocations for a high-end lighting tool production base, a research and development center, and working capital [14][18]. - The company aims to enhance its production capacity and technological capabilities through these investments, despite concerns about the necessity of the projects given its recent financial performance [17][20].