刚刚！年净利1.7亿，IPO终止！

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of the initial public offering (IPO) application for Xinqiang Electronics (Qingyuan) Co., Ltd. due to the withdrawal of the application by the company and its sponsor [1][3]. Company Overview - Xinqiang Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily targeting the mid-to-high-end market with products priced over 2,000 yuan per square meter [7]. - The company has a significant market presence in the storage sector, with PCB products accounting for approximately 60%-70% of its revenue [8]. - In 2024, Xinqiang Electronics held a market share of about 12.57% in the global memory module PCB sector and approximately 2.57% in the global SSD PCB sector [7]. Financial Performance - The company's revenue for the reporting periods was 868.73 million yuan, 1 billion yuan, and 998.91 million yuan, with net profits of 84.98 million yuan, 131.95 million yuan, and 167.92 million yuan respectively [12]. - The total assets of the company as of December 31, 2024, were 1.11 billion yuan, with a debt-to-asset ratio of 24.97% [13]. - The company reported a basic and diluted earnings per share of 0.37 yuan for the year ending December 31, 2024 [13]. Market Risks - The company faces risks related to product concentration, as its PCB sales in the storage sector have shown a high revenue concentration, with sales revenue percentages of 56.06%, 69.69%, and 60.87% over the reporting periods [8]. - The company also has a significant reliance on the Taiwan market, where sales accounted for 32.17%, 38.88%, and 30.56% of its total revenue during the reporting periods, indicating a risk of regional sales concentration [9]. Shareholder Structure - The controlling shareholder of Xinqiang Electronics is YU FAMILY, which holds 94.35% of the company's shares, with the actual controllers being Yu Xiaozhang, Yu Wanling, and Yu Jinlu [10].