又一家利润破亿企业申报北交所上市遭拒 亘古电缆重启A股闯关受阻

Core Viewpoint - Zhejiang Gangu Cable Co., Ltd. has withdrawn its application for listing on the Beijing Stock Exchange, marking a significant setback in its efforts to go public after previously failing to secure an IPO on the Shanghai Stock Exchange [2][6][9] Group 1: Company Background - Gangu Cable, established in 2002, specializes in the research, production, and sales of various types of electrical cables, including high, medium, and low voltage power cables [8] - The company reported a net profit exceeding 100 million yuan in 2022, with a continued growth of 12.08% in 2023, reaching 117 million yuan [10] Group 2: Listing Attempts - Gangu Cable initially submitted its IPO application to the Shanghai Stock Exchange in November 2022 but faced delays and ultimately withdrew its application in June 2024 [3][9] - After a year of preparation, the company submitted its listing materials to the Beijing Stock Exchange on September 25, 2025, but did not appear on the acceptance list [4][6] Group 3: Financial Adjustments - In its latest attempt, Gangu Cable reduced its fundraising target from 577 million yuan during its Shanghai IPO attempt to 386 million yuan for the Beijing listing, which included new projects for smart warehousing and information upgrades [9][10] - The company’s revenue for 2023 was reported at 1.727 billion yuan, with a net profit of 117 million yuan, but faced a decline in 2024 with revenue dropping by 3.31% and net profit nearly falling below 100 million yuan [20][19] Group 4: Market Position and Challenges - Gangu Cable is positioned in the second tier of China's cable manufacturing industry, with a revenue of just over 1.7 billion yuan, which is considered low compared to leading companies in the first tier [11][10] - The company’s family-owned structure has raised concerns regarding governance and management stability, especially following the resignation of key executives in early 2025 [14][17] Group 5: Industry Context - Gangu Cable's withdrawal from the Beijing Stock Exchange listing process makes it the sixth company in the second half of 2025 to fail to secure acceptance for its listing application [23][21] - The overall trend indicates increasing scrutiny and higher standards for companies seeking to list on the Beijing Stock Exchange, despite its perceived lower barriers compared to other exchanges [23][21]