多次冲刺IPO后巴兰仕在北交所过会，业绩增长稳定性受监管关注

Core Viewpoint - Shanghai Balanshi Automotive Testing Equipment Co., Ltd. has successfully passed the listing review by the Beijing Stock Exchange, meeting the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Balanshi specializes in the research, production, and sales of automotive maintenance, testing, and repair equipment, including tire changers, balancing machines, lifts, and refrigerant recovery machines [3] - The company has shown continuous high growth in revenue, with projected revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan from 2022 to 2024, and net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan for the same period [3] - The gross profit margin of the main business has steadily increased, recorded at 23.87%, 27.29%, and 28.81% from 2022 to 2024 [3] Group 2: IPO and Fundraising - Balanshi plans to raise 300 million yuan through its IPO, allocating 99.34 million yuan for the intelligent transformation and expansion of automotive maintenance equipment, 136 million yuan for the intelligent factory project of lifting equipment, and 64.85 million yuan for the construction of a research and development center [2] Group 3: Market and Competition - The company primarily exports through a private label model, with overseas clients mainly being local automotive maintenance equipment brand owners, which limits brand visibility and direct customer access to product information [4] - There are concerns regarding the stability of overseas clients and potential risks of customer loss, particularly if major private label clients experience significant revenue declines or operational issues [4] Group 4: Regulatory and Compliance Issues - Balanshi has faced scrutiny regarding historical equity holding issues, with multiple instances of equity holding arrangements that have since been resolved [5][6] - The company has received a verbal warning from the National Equities Exchange and Quotations for failing to disclose equity holding matters during its application period [5]