IPO雷达丨美德乐闯关北交所，监管追问业绩波动与募投项目合理性，公司逐一回应

Core Viewpoint - Dalian Meidel Industrial Automation Co., Ltd. (Meidel) has updated its listing application status on the Beijing Stock Exchange, addressing inquiries regarding its performance fluctuations, revenue recognition accuracy, cost accounting accuracy, and the reasonableness of its fundraising projects [1][4]. Group 1: Performance and Revenue - Meidel reported a significant increase in new orders, with taxable amounts of 1,900.86 million, 1,161.78 million, and 1,202.33 million in recent periods, and 1,010.45 million for the first half of 2025 [4]. - The company's operating income grew by 35.13% year-on-year, while the net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 63.15% [4]. - Despite some major clients experiencing revenue declines of -14.36% and -30.50%, Meidel attributed its growth to the rising demand in the new energy sector, particularly in the battery and automotive components markets, with new energy battery orders accounting for approximately 87% of total new orders [4]. Group 2: Revenue Recognition and Cost Accounting - The average acceptance period for Meidel's modular conveyor system products is significantly longer than that of comparable companies, with periods of 10, 14, and 20 months [5]. - The extended acceptance periods are influenced by the slower project construction and production speed of major end customers in the new energy battery sector, as well as the integration requirements of their products with other production equipment [5][6]. - Meidel's procurement model combines sales-based procurement and stockpiling, ensuring that raw material purchases align with production activities, with raw material consumption accounting for 43.61%, 43.72%, and 36.36% of new order amounts in respective periods [6]. Group 3: Company Overview - Meidel is a national high-tech enterprise specializing in the research, design, manufacturing, and sales of intelligent manufacturing equipment, with its main products being modular conveyor systems and industrial components [7].