过会2年→提交注册！中金保荐，IPO 松绑？

Group 1 - The core point of the article is that "Shimeng" logistics company has submitted its registration for IPO after nearly two years, signaling a potential reopening of the IPO channel for the logistics industry [1][5] - The company passed the listing committee review in October 2023, which is considered a preliminary approval [2][3][5] - The final step involves submitting materials to the China Securities Regulatory Commission (CSRC) for final approval, which is crucial for the IPO process [3][5] Group 2 - "Shimeng" is a third-party logistics company that provides comprehensive services including customs clearance, transportation, and warehousing for large enterprises like Mercedes and Tetra Pak [7][8] - The company has generated over 1 billion in revenue and nearly 170 million in profit in the past year, indicating strong profitability [9] - However, the company faces significant risks, including high customer concentration, with over 87% of revenue coming from the top five clients, particularly Maersk [10][11] Group 3 - The logistics industry is fragmented, and "Shimeng" is not considered a leading player, which affects its competitive strength [11] - The company's revenue and profit have started to decline in the first half of the year, and it projects a decrease of 10% in revenue and 15% in profit for the full year of 2025 [12][13] - The outcome of "Shimeng's" IPO could serve as a barometer for regulatory authorities balancing support for economic development and investor protection [14] Group 4 - The company aims to invest raised funds in various projects, including supply chain expansion, operational center construction, and information technology upgrades [26] - The company has reported steady revenue growth with a compound annual growth rate of 12.81% from 2022 to 2024, although it anticipates a slight decline in the first half of 2025 [22] - The financial data shows total assets of approximately 1.08 billion and a net profit of around 66 million for the first half of 2025 [23]