上市审核关键期董事长兼总经理蹊跷辞职，旭辉电气北交所闯关告败

Core Viewpoint - The resignation of Zhang Xuhui, the chairman and general manager of Xuhui Electric, has led to the termination of the company's application for listing on the Beijing Stock Exchange, raising concerns about the impact of this significant personnel change on the company's operations and future prospects [2][14]. Group 1: Listing Application Process - Xuhui Electric submitted its listing application to the Beijing Stock Exchange on December 22, 2023, and underwent three rounds of inquiries over nearly two years [2][7]. - The company announced on October 23, 2025, that it would terminate its listing application and withdraw its submission, following a board meeting held the previous day [2][3]. - The listing process faced delays, with the last inquiry response submitted on December 20, 2024, before the sudden halt in progress [3][4]. Group 2: Financial Performance - Xuhui Electric's revenue fluctuated significantly, with annual revenue around 180 million from 2020 to 2022, but increased to 244 million in 2023, marking a 32.7% year-on-year growth [8][28]. - The company reported a rebound in net profit, with a non-recurring net profit of 45.22 million in 2024, although still below the 49.26 million recorded in 2020 [8][28]. Group 3: Revenue Recognition Issues - The company faced scrutiny regarding the accuracy and compliance of its revenue recognition practices, particularly concerning the long installation and acceptance periods for its products, averaging over 200 days [9][25]. - Multiple inquiries from the Beijing Stock Exchange highlighted concerns about inconsistencies in revenue recognition, including instances where revenue was recognized without customer confirmation of operational reports [25][29]. - The company was required to clarify its internal controls and the validity of its revenue recognition methods, especially in light of significant amounts recognized without proper documentation [25][29]. Group 4: Impact of Leadership Change - Zhang Xuhui's resignation was unexpected and occurred during a critical period for the company's listing application, raising concerns about the stability of the management team [10][21]. - The new chairman, Zhang Shuguang, is the brother of Zhang Xuhui, which may indicate continuity in leadership but also raises questions about governance and potential conflicts of interest [11][12]. - The sudden departure of a key figure like Zhang Xuhui, who had been instrumental in the company's strategy and operations, is seen as a significant risk to the company's future and its listing prospects [10][18].