北交所IPO中止审核 菊乐股份走到十字路口

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking the fifth failed attempt to go public [1][3]. Group 1: Company Developments - Jule Co., Ltd. has announced the election of Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder [2]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in various well-known companies and has been with Jule Co. since 2011 [2]. - The company has established four specialized committees within its board, with Gao Zhaohui holding key positions in three of them [2]. Group 2: Financial Performance - Jule Co., Ltd. has shown revenue growth from 9.94 billion in 2020 to 16.41 billion in 2024, with net profits increasing from 1.3 billion to 2.32 billion during the same period [4]. - The company's R&D expenses have been relatively low, with figures of approximately 630 million, 474.1 million, and 514.9 million from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue respectively [4]. Group 3: IPO Challenges - The North Exchange has raised concerns regarding Jule Co.'s compliance with innovation and financial metrics necessary for listing, particularly questioning the company's R&D capabilities and the relevance of its patents [5][6]. - The company plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising doubts about the necessity and rationale of the fundraising projects [8]. - The proposed investment of 2.78 billion for the expansion of the Chengdu dairy production base is expected to generate annual revenue of 9.35 billion, with an internal rate of return of 24.77% [8].