兰亭科技终止上市辅导，资本寒冬下的理性撤退还是战略迷失？

Core Viewpoint - Shenzhen Lanting Technology Co., Ltd. has terminated its IPO guidance after three and a half years, reflecting the collective difficulties faced by small and medium-sized enterprises in the current weak capital market environment [1][3]. Group 1: Company Performance - Lanting Technology's business has deteriorated since 2020, with revenue dropping from 645 million yuan in 2020 to 323 million yuan in 2024, a cumulative decline of 49.9% [3]. - The net profit has shifted from a profit of 82.55 million yuan in 2020 to a loss of 17.27 million yuan in 2024, indicating a significant worsening of profitability [3]. - The company's stock price has plummeted nearly 90%, from a historical high of 12.89 yuan per share in 2021 to around 1.5 yuan per share currently [4]. Group 2: Market Context - In the first half of 2025, 75 companies have terminated their IPOs, with 27 of them from the Beijing Stock Exchange, indicating a broader trend of companies withdrawing from the IPO process [5]. - Lanting Technology's decision to withdraw during the guidance phase is seen as a rational move to avoid potential financial risks that could arise from subsequent audits [5]. Group 3: Industry Insights - The current capital market is shifting its valuation logic from "market dream rate" to "price-earnings ratio," necessitating companies to reassess their compatibility with the capital market [6]. - Companies are encouraged to focus on research and development and channel development rather than solely pursuing IPOs, as demonstrated by the varied paths of other companies in the industry [6].