旭辉电气IPO终止：超一半营收来自国家电网，创始人董事长离职

Core Viewpoint - Hebei Xuhui Electric Co., Ltd. has had its IPO application on the Beijing Stock Exchange terminated after undergoing three rounds of inquiries since its acceptance on December 22, 2023, with the termination date being November 7, 2025 [1][3]. Company Overview - Xuhui Electric specializes in the research, production, and sales of power grid safety control equipment and power quality optimization equipment, serving major clients such as State Grid and Southern Power Grid [3]. - The company has seen its revenue grow from 184 million yuan in 2022 to 245 million yuan in 2023, with a slight decline to 237 million yuan projected for 2024 [3]. - Net profit attributable to shareholders has increased from 40.08 million yuan in 2022 to 45.03 million yuan in 2023, and is expected to reach 48.09 million yuan in 2024 [3]. - For the first half of 2025, the company reported a revenue of 108 million yuan, marking a year-on-year growth of 21.54%, and a net profit of 23.30 million yuan, reflecting a 44.48% increase [3]. Client Base - The top five clients of Xuhui Electric accounted for 71.58%, 66.76%, and 69.41% of total revenue in 2022, 2023, and 2024, respectively [3]. - Sales to the largest client, State Grid, were 105 million yuan, 128 million yuan, and 126 million yuan for the same years, representing 56.94%, 52.12%, and 53.35% of total revenue [3]. Management Changes - Zhang Xuhui, the actual controller of the company, resigned as chairman and general manager on August 11, 2025, due to personal reasons [4]. - Zhang Zhuguang was elected as the new chairman, and Lan Bo was appointed as the new general manager on August 21, 2025 [4][5].