万泰股份IPO终止：九成收入“打白条”，遭问询后补认一致行动人

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Huainan Wantai Electronics Co., Ltd.'s public offering and listing, indicating potential challenges for the company in its capital market ambitions [3]. Financial Performance - Wantai's revenue from 2021 to the first half of 2024 was reported as 439 million yuan, 546 million yuan, 612 million yuan, and 270 million yuan respectively, with net profits of 41.52 million yuan, 79.63 million yuan, 85.52 million yuan, and 20.19 million yuan [3]. - The gross profit margins for the same periods were 44.89%, 41.5%, 38.98%, and 41.14% respectively, showing fluctuations in profitability [3]. Accounts Receivable - The accounts receivable balance for Wantai from 2021 to the first half of 2024 was 414 million yuan, 523 million yuan, 538 million yuan, and 546 million yuan, indicating a significant reliance on credit sales [3][5]. - The proportion of accounts receivable to revenue was notably high, reaching 94.41%, 95.85%, and 87.95% in the years 2021 to 2023, suggesting that approximately 90% of revenue was on credit [6]. Shareholding Structure - The controlling shareholders of Wantai are Yu Zixian and Yu Ziyong, who together hold 55.35% of the company's shares, with Yu Zixian as the chairman and general manager [7]. - Recent changes in the shareholder structure included the addition of family members as concerted actors, which raised regulatory inquiries regarding their classification and potential implications for control [8][9]. Regulatory Compliance - The company faced scrutiny from regulators regarding the classification of certain family members as concerted actors, which was later amended to include them in the control structure to ensure stability [10].