两名保代被罚！两次更换审计！还有安全事故！大鹏工业IPO能否过会？

Core Viewpoint - Dapeng Industrial is facing significant challenges in its IPO process on the Beijing Stock Exchange, with issues related to its financial performance, management practices, and regulatory scrutiny [1][3]. Group 1: IPO Challenges - Dapeng Industrial is seeking to raise 153.91 million yuan through its IPO on the Beijing Stock Exchange, with the review meeting scheduled for August 15 [1]. - The company has faced multiple regulatory issues, including the recent self-regulatory penalties imposed on its sponsoring representatives, Li Fangzhou and Lü Xiaobin, who are involved in the current IPO [1][3]. - The company has changed its auditing firms multiple times during the IPO process, indicating instability and potential governance issues [6]. Group 2: Financial Performance - Dapeng Industrial's revenue has shown growth from 247.36 million yuan in 2022 to 264.69 million yuan in 2024, but net profit has fluctuated, with a notable reliance on government subsidies, which accounted for approximately 28% of profits in recent years [8][10]. - The company has experienced a significant decline in revenue from its largest customer, BYD, with income dropping by 50 million yuan from 2022 to 2024 [12][13]. - The company's research and development (R&D) expenditure has consistently been below the industry average, indicating a "marketing-heavy, R&D-light" approach [8][10]. Group 3: Management and Control - The actual controller, Li Pengtang, holds 94.13% of the voting rights, leading to concerns about concentrated control and potential conflicts of interest in decision-making [16]. - Dapeng Industrial has faced operational challenges, including a fatal workplace accident that highlighted deficiencies in safety management [7][6]. - The company has struggled to establish a foothold in international markets, with its overseas business effectively non-existent in recent years [13][14].