本周IPO审2过2！被否后再度闯关北交所顺利过会，部分问询重点贯穿两次申报期

Group 1 - Wite Environment is making a second attempt to list on the Beijing Stock Exchange (BSE) after a previous rejection in 2022, during which it reduced its fundraising target from 304 million yuan to 169 million yuan [1][4][12] - The company faced continuous inquiries from regulators regarding issues such as contract asset impairment and innovative characteristics throughout its application process [1][13] - The company’s main business consists of pipeline detection and repair, with a new segment in smart pipeline operation introduced in 2021, contributing less than 10% to revenue [14][22] Group 2 - The company reported significant revenue fluctuations from 209 million yuan in 2020 to 303 million yuan in 2022, with net profit changes of 88.09%, -42.13%, and 15.61% respectively [25][26] - The company attributes the revenue decline in 2021 to the impact of the pandemic on project acquisition and delays from local governments [26][29] - For 2023, the company projects revenue between 270 million yuan and 310 million yuan, with a net profit forecast of 43.5 million to 55.5 million yuan, indicating no significant risk of a downturn [27][29] Group 3 - The company’s core technology, the lining method, is recognized as a leading technique in the industry, with significant barriers to entry and a competitive edge over traditional construction methods [17][24] - The company has established a strong market position, ranking first in Guangdong province for non-excavation repair technology applications in municipal drainage networks [22][24] - The company’s proprietary product, the Sugo mat, has been certified to meet international advanced standards, providing a cost advantage over foreign competitors [19][22] Group 4 - The company has faced scrutiny regarding the adequacy of its impairment provisions for contract assets, particularly as the proportion of long-term contract assets has increased [31][32] - The company has clarified that long-term contract assets are primarily due to projects not yet reaching settlement conditions, and it has taken a cautious approach to impairment provisioning [31][32] - The company maintains that its revenue recognition practices are reasonable and aligned with contractual agreements, with no significant risks of long-term uncollectible accounts [29][31]