这家公司曾被口头警告！换审计机构、换会计师、换交易所

Core Viewpoint - Shengruan Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after previously withdrawing its application from the Beijing Stock Exchange, indicating a strategic shift in its IPO approach [1][3]. Company Overview - Shengruan Technology, established in January 2002 and located in Dongying, Shandong Province, focuses on providing information technology services for oil and gas enterprises, government units, and small to medium-sized manufacturing companies, with operations in smart oil fields, smart cities, and industrial internet [2]. Audit and Financial History - The company has changed its auditing firm three times in five years, reflecting potential instability in financial oversight. The auditing firms include Zhongrun Zhonghuan, Beijing Guofu, and Lixin, with the latest being KPMG [2][3][4]. - Shengruan Technology faced scrutiny from regulators due to repeated accounting errors from 2022 to 2023, leading to significant adjustments in net profit by -62.24% and -15.34% for different periods [2]. Market Position and Performance - The Chinese smart energy solutions market has grown from 11.4 billion yuan in 2018 to 26.9 billion yuan in 2023, with a projected compound annual growth rate (CAGR) of 18.7% until 2028 [5]. - Shengruan Technology is the second-largest independent provider in this market, holding a 2.3% market share, and has completed approximately 5,000 smart energy projects [5][6]. Financial Metrics - Revenue for Shengruan Technology during the reporting period (2022-2024) was approximately 391 million yuan, 502 million yuan, and 525 million yuan, with a compound annual growth rate of 15.96% [6]. - The company's net profit showed a CAGR of 25.57%, with figures of 38 million yuan, 54 million yuan, and 59 million yuan, but it reported a loss of 2 million yuan in the first quarter of 2025 [6]. - The gross margin has declined from 41.4% in 2022 to 24.6% in 2025, a decrease of 16.8 percentage points over the period [6]. IPO Utilization - The funds raised from the upcoming IPO will primarily be allocated for research and development, expansion into overseas markets, and to supplement working capital [6].