宏业基港股IPO收证监会反馈意见：是否存生产安全责任事故，是否属国家限制融资情形，房屋抵押是否影响经营

Core Viewpoint - The company, Hongyeji, is facing challenges in its overseas listing application due to regulatory feedback and ongoing financial difficulties, particularly related to its reliance on the real estate sector [5][6]. Group 1: Regulatory Feedback - The China Securities Regulatory Commission (CSRC) has requested additional information regarding production safety incidents and their potential impact on financing and listing eligibility [1]. - The company is required to clarify the impact of its real estate property mortgages on its business operations and the upcoming issuance [2]. - The CSRC has also asked for details on whether the shares held by shareholders participating in the "full circulation" plan are subject to pledges, freezes, or other rights defects [3]. Group 2: Financial Performance - Hongyeji's revenue has been declining from 1.228 billion yuan in 2022 to an estimated 1.011 billion yuan in 2024, while net profit has shown a slight increase from 47.48 million yuan to 75.67 million yuan during the same period [6]. - The company has seen a significant increase in trade receivables and notes, with average turnover days rising from 174 to 286 days, indicating cash flow challenges [6]. - As of February 28, 2025, the company has outstanding bank and other borrowings of 468 million yuan, with cash and cash equivalents dropping to 10.4 million yuan, which is below the average interest payment over the past three years [6]. Group 3: Market Position and Industry Context - Hongyeji specializes in geotechnical engineering services, particularly in pile foundation and excavation projects, and holds a leading market share of 1.9% in large geotechnical projects in South China [5]. - The company has a strong workforce with 50 professionals holding advanced qualifications, which positions it favorably within the industry [5]. - The ongoing downturn in the real estate market since 2021 has led to significant asset impairment losses for the company, highlighting its vulnerability to sector fluctuations [6][7].