马可波罗三年闯A股：业绩连跌，房企客户逾期推高坏账

Core Viewpoint - Marco Polo has successfully passed the listing review by the Shenzhen Stock Exchange after more than three years of efforts, planning to raise funds primarily for the green and intelligent transformation of production lines, despite a significant reduction in the total amount to be raised from 40.18 billion to 23.77 billion [1][9]. Financial Performance - Marco Polo's revenue has declined from approximately 86.61 billion in 2022 to 73.24 billion in 2024, while net profit has also decreased from 15.14 billion to 13.27 billion during the same period [2][3]. - The average selling price of products has dropped from 41.62 yuan per square meter in 2022 to 37.72 yuan in 2024 [3][4]. Market Conditions - The company is facing challenges due to a downturn in the real estate industry, which has led to increased competition and a decrease in sales prices and volumes [4][6]. - Marco Polo's market share remains low, with figures of 2.62%, 3.23%, and 3.27% from 2022 to 2024 [5]. Accounts Receivable Issues - The accounts receivable balance has decreased from approximately 20.28 billion in 2022 to 12.14 billion in 2024, but the proportion of accounts receivable to total current assets has also declined [6][7]. - The company has faced credit defaults from major real estate clients, impacting cash flow and operational performance [6][8]. Listing Journey - Marco Polo's path to listing has been complicated, with multiple requests to suspend the review process and several updates to financial data, leading to scrutiny from the Shenzhen Stock Exchange regarding performance stability and accounts receivable [9].