亮眼财报与弱现金流，誉帆科技上市前夜的三道考题

Core Viewpoint - The IPO journey of Shanghai Yufan Environmental Technology Co., Ltd. has drawn significant attention due to the stringent review process in the A-share market, with the company finally submitting its registration application after a 22-month wait, highlighting the challenges of "difficult approval and registration" [2] Company Overview - Yufan Technology was founded by two experts in the underground pipeline field, with a focus on the full industry chain services for urban underground pipelines, particularly drainage [3][4] - The company has shown steady revenue growth, with projected revenues of 8.04 billion yuan in 2025, representing a 10.16% increase year-on-year [4] Financial Performance - Yufan Technology's revenue for 2022-2024 is reported as 5.13 billion yuan, 6.30 billion yuan, and 7.30 billion yuan, with net profits of approximately 788.25 million yuan, 982.51 million yuan, and 1.30 billion yuan respectively [4] - The company has committed to investing 1.2 billion yuan in R&D infrastructure and talent development as part of its IPO fundraising [7] Internal Control and Compliance - The company has undertaken significant internal control reforms in response to regulatory scrutiny, with a third-party verification confirming effective financial reporting controls [6] - Yufan Technology has addressed past issues related to expense compliance and tax obligations, enhancing its internal processes [5][6] Market Position and Challenges - Despite improvements, Yufan Technology faces challenges such as high equity concentration, with the actual controllers holding 93.55% of shares, raising concerns about minority shareholder rights [8] - The company's accounts receivable have been notably high, with ratios of 77.28%, 91.53%, and 94.37% of total revenue for 2022-2024, indicating potential cash flow risks [8][9] Future Outlook - The company anticipates continued growth, with expected net profits of approximately 1.4 billion yuan in 2025, a 7.83% increase from the previous year [4] - Yufan Technology's ability to convert governance improvements into operational efficiency and sustainable profitability will be crucial for its post-IPO market acceptance [10]