大鹏工业北交所IPO过会，近一年净利润低于4000万元

Core Viewpoint - Dapeng Industrial has met the conditions for issuance and listing on the Beijing Stock Exchange, but the listing committee raised concerns regarding the sustainability of its operating performance and the necessity of its fundraising projects [1][2]. Group 1: Financial Performance - In 2024, Dapeng Industrial achieved operating revenue of 265 million yuan and a net profit of 38 million yuan after deducting non-recurring gains and losses, marking it as the first company with a net profit below 40 million yuan to be reviewed since the new "National Nine Articles" [2]. - The company's operating revenue from 2022 to 2024 was 247 million, 260 million, and 265 million yuan, respectively, while the net profit figures were 36 million, 40 million, and 38 million yuan, indicating a small scale of operations with fluctuating net profits despite continuous revenue growth [3]. - In the first half of this year, the company reported operating revenue of 129 million yuan, an increase of 8.34% year-on-year, but net profit decreased by 19.83% compared to the same period last year [3]. Group 2: Government Subsidies - From 2022 to 2024, the proportion of government subsidies in the total profit of Dapeng Industrial was 16%, 28%, and 29%, indicating a high reliance on government support [4]. - The decrease in net profit in the first half of this year was attributed to a reduction in government subsidies received [4]. Group 3: Market and Industry Context - Dapeng Industrial specializes in the research, development, production, and sales of precision cleaning equipment for the industrial sector, primarily serving the automotive industry, which is subject to fluctuations in fixed asset investments [3]. - The company's performance is significantly influenced by the fixed asset investment trends in the downstream automotive industry, suggesting potential risks if investment slows down [3].