双瑞股份创业板IPO终止，现场检查企业集体折戟

Core Viewpoint - The IPO application of China Shipbuilding Double-Rui (Luoyang) Special Equipment Co., Ltd. has been terminated after eight months of waiting, reflecting the tightening of IPO reviews in the A-share market [1][3][16] Company Overview - China Shipbuilding Double-Rui was established in 2005 and underwent a shareholding reform in 2022, submitting its IPO application on December 22, 2022 [5][2] - The company is controlled by China Shipbuilding Group, which holds 71.07% of its shares through various subsidiaries [5] IPO Process and Termination - The company was included in the first batch of IPO applicants for on-site inspections in 2023, where it faced scrutiny over financial authenticity and internal control [3] - Despite passing the initial inspection, the company was found to have nearly 20 internal control and operational flaws, leading to the eventual withdrawal of its IPO application [3][16] - With the termination of Double-Rui's application, all five companies selected for the first round of inspections in 2023 have now withdrawn their IPO applications [3][4] Financial Performance - From 2021 to 2023, the company's revenue increased from 1.262 billion to 1.611 billion, while net profit remained around 100 million [9] - The company's gross margin has declined from 27.34% in 2021 to 24.9% in 2023, indicating potential financial risks [9] - The operating cash flow turned negative in the first half of 2024, dropping from 181 million in 2023 to -262 million [9] Business Operations and Concerns - The company has faced scrutiny over its reliance on related party transactions, with sales to related parties increasing from 10.18% to 15.44% of total revenue from 2021 to 2023 [9][11] - The utilization rate of its core product, bridge safety equipment, has decreased from 73.77% in 2021 to 45.43% in the first half of 2024, raising concerns about its production capacity [11][12] - High accounts receivable, amounting to 943 million at the end of 2023, represented 58.51% of the annual revenue, highlighting operational pressures [16] Industry Context - The termination of Double-Rui's IPO application is indicative of a broader trend in the IPO market, where increased scrutiny and higher standards have led many companies to withdraw their applications voluntarily [16] - The shift in the A-share IPO landscape from "approval-based" to "registration-based" requires companies to demonstrate independent competitiveness and sustainable growth value [16]