农大科技北交所IPO过会，经营业绩真实性等被追问

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Agricultural Technology") has successfully passed the IPO review on November 14, aiming to raise approximately 413 million yuan [1] Company Overview - Agricultural Technology focuses on the research, production, sales, and technical services of new fertilizers and intermediate products [1] - The company’s IPO was accepted on December 24, 2024, and entered the inquiry stage on April 14, 2025 [1] Financial Performance - The listing committee raised concerns regarding the authenticity of the company's operating performance, specifically questioning the reasons and rationality behind the continuous decline in revenue while net profit and gross margin remain on the rise [1] - The committee also inquired about the stability and sustainability of the company's operating performance, including potential risks of performance decline and the feasibility of digesting the new production capacity from the fundraising projects [1]