精创电气北交所IPO过会，削减上市募资规模三成

Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. has met the listing conditions and information disclosure requirements as per the Beijing Stock Exchange's review, but has faced inquiries regarding revenue authenticity, performance sustainability, and R&D capabilities [1][2]. Financial Performance - For the first half of the year, the company reported an operating income of 249 million yuan, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 28.34 million yuan, up 0.58% from the previous year [2]. - The net profit after deducting non-recurring gains and losses was 28.21 million yuan, reflecting a growth of 16.13% year-on-year [2]. Revenue Recognition Concerns - The Beijing Stock Exchange has raised questions about the company's revenue recognition methods, particularly regarding the reconciliation cycle with clients and compliance with accounting standards [2][3]. - The second round of inquiries focused on the data obtained from third-party platforms and the verification of financial data's authenticity and accuracy [3]. Land Use Issues - The company has been found to have previously used educational land for industrial production, raising concerns about compliance with land management laws [4]. - Jingchuang Electric has acknowledged this issue but believes the risk of penalties is low due to completed land use changes [4]. Governance Structure - The company exhibits a "family-style" governance issue, with the largest shareholder and their family members holding 79.7% of the shares, potentially impacting governance effectiveness and minority shareholder interests [5]. Fundraising Adjustments - The company initially planned to raise 250 million yuan through the issuance of 14.463 million new shares but has since reduced the fundraising target to 175 million yuan, a decrease of 30% [6][7]. - The investment in the "core production line intelligent upgrade" project has also been reduced from 130 million yuan to 110 million yuan, and the "marketing network construction" project has been removed from the fundraising plan [7].