Core Viewpoint - Jiang Song Technology's IPO process has been marred by repeated occurrences of third-party payments, raising significant concerns about the authenticity of its reported profits and financial practices [1][8]. Financial Analysis - Jiang Song Technology's sales expense ratios for the reporting period (2022-2024) were notably low, with figures of 0.95%, 1.25%, and 0.52%, significantly below industry averages, particularly in 2024 where it was 4.62 times lower than peers [4][5]. - Management expense ratios also showed a decline, with 4.59%, 4.82%, and 2.66% reported, indicating a 44.81% drop in 2024, which is inconsistent with the expected trend of increasing expenses alongside revenue growth [5][6]. - Research and development expense ratios decreased from 5.83% to 2.86% over the same period, with absolute R&D spending dropping by 11.35% in 2024 despite a 63.2% increase in revenue, raising questions about the company's commitment to innovation [6][7]. Third-Party Payments - The amounts received from third-party payments were substantial, totaling 65.69 million, 212.59 million, and 115.56 million for the respective years, constituting 8.14%, 17.19%, and 5.73% of total revenue, with 2023 seeing a particularly high percentage [7][8]. - These third-party payments were primarily made through client-commissioned payments, financing lease companies, and designated financing parties, which is unusual for a company preparing for an IPO and raises concerns about potential financial misreporting [8][9].
江松科技IPO中止，再次申报需要解决好两大核心问题
Sou Hu Cai Jing·2025-10-23 05:30