取消补流项目、毛利率显著低于同行，健信超导科创板IPO上会迎考

Core Viewpoint - The company Ningbo Jianxin Superconducting Technology Co., Ltd. is set to undergo its IPO review on October 21, 2025, with a reduced fundraising target of 775 million yuan, down from 865 million yuan, due to the cancellation of a supplementary working capital project [1][5]. Group 1: Company Overview - Jianxin Superconducting is the world's largest independent supplier of superconducting magnets, primarily engaged in the R&D, production, and sales of core components for MRI equipment, which account for approximately 50% of the cost of MRI devices [3][4]. - The company ranks fifth globally and second among domestic enterprises in terms of market share for superconducting magnets used in MRI equipment, based on installation volume [3]. Group 2: Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is reported as follows: 359 million yuan, 451 million yuan, 425 million yuan, and 252 million yuan, respectively. The net profit attributable to the parent company for the same periods is 34.63 million yuan, 48.73 million yuan, 55.78 million yuan, and 31.92 million yuan [3][4]. Group 3: Fundraising and Investment Projects - The revised fundraising plan includes investments of 275 million yuan for an annual production of 600 sets of non-liquid helium superconducting magnets, 260 million yuan for an annual production of 600 sets of high-field medical superconducting magnets, and 240 million yuan for new superconducting magnet R&D projects [5]. - The cancellation of the supplementary working capital project was a response to regulatory scrutiny regarding the necessity and reasonableness of the fundraising structure [6][7]. Group 4: Profitability and R&D Expenditure - Jianxin Superconducting's gross profit margin is significantly lower than the industry average, with figures of 19.56%, 22.84%, 24.94%, and 24.84% for the years 2022 to 2025 (first half), compared to industry averages of 46.27%, 45.59%, 45.17%, and 47.41% [8]. - The company's R&D expense ratio is also lower than that of comparable companies, with rates of 5.66%, 5.42%, 6.5%, and 6.65% for the same periods, while industry averages are 14.44%, 14.41%, 18.36%, and 17.65% [8][9].