如何看“隐形门槛”打破？北交所首家扣非净利未达标过会，新规后首例

Core Viewpoint - The successful IPO of Dapeng Industrial marks the first instance of a company with a net profit below 40 million yuan passing the review under the new "National Nine Articles," raising questions about the current IPO review logic of the Beijing Stock Exchange [1][5][10] Group 1: IPO Review and Company Performance - Dapeng Industrial is the only company among the 35 that passed the IPO review with a net profit of 38.1 million yuan, below the 40 million yuan threshold [3][5] - The company has experienced a complex IPO process, including multiple changes in audit firms and a history of application rejections, which have impacted its financial performance [6][7] - The company reported revenues of 247 million yuan, 260 million yuan, and 265 million yuan from 2022 to 2024, showing continuous growth, but net profits fluctuated, with a decline in 2024 [7][9] Group 2: Financial Metrics and Government Support - Dapeng Industrial's net profit attributable to the parent company decreased from 40.3 million yuan in 2023 to 38.1 million yuan in 2024, influenced by reduced government subsidies [8][9] - Government subsidies accounted for 16.41%, 28.16%, and 28.86% of total profits from 2022 to 2024, indicating some reliance on these funds, although the company claims not to be significantly dependent on them [9][10] Group 3: Customer Dynamics and Revenue Sources - The company’s top five customers accounted for 84.20%, 55.27%, and 75.44% of sales from 2022 to 2024, with significant revenue decline from its largest customer, BYD, due to changes in procurement policies [9][10] - Dapeng Industrial's overseas revenue dropped to zero starting in 2023, leading to a strategic decision to dispose of its Japanese subsidiary [10]