IPO雷达｜悦龙科技关联交易链：头号客户为实控人“自家口袋”，监管放大镜就位

Core Viewpoint - The regulatory body has raised concerns regarding Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology), particularly about its reliance on a major customer controlled by the actual controller, pricing pressures on its main products, and significant revenue growth in December of the previous year [1] Company Overview - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses [2] - The company serves a global market, providing products and services to major enterprises such as CNOOC, CNPC, Sinopec, and China Merchants Heavy Industry [2] Financial Performance - The main business revenue for Yuelong Technology is projected to grow from 189 million yuan in 2022 to 262 million yuan in 2024, with net profits increasing from approximately 47.92 million yuan to 84.14 million yuan during the same period [2] - The total assets of the company are expected to rise from approximately 382.23 million yuan in 2022 to about 511.84 million yuan in 2024, with total equity increasing correspondingly [3] Product Pricing and Margin Concerns - The average selling price of marine engineering and land oil and gas flexible pipeline products has fluctuated significantly, primarily due to changes in product mix [3] - Yuelong Technology has indicated that the pricing strategy, including slight price reductions for strategic markets, is aimed at stabilizing overall margins while expanding market presence [4] Customer Dependency and Revenue Recognition - The company's largest customer, Techfluid U.K. Ltd., has consistently contributed a significant portion of Yuelong's revenue, accounting for 15.72%, 19.36%, and 14.10% of total revenue from 2022 to 2024 [5] - Concerns were raised regarding the fairness of pricing and potential financial transactions between Yuelong and Techfluid U.K. Ltd., which the company addressed by stating that price differences are influenced by various factors, including product specifications and customer needs [5] Revenue Confirmation Issues - A notable spike in revenue in December 2024 was attributed to a large project order from World Carrier Corporation, which accounted for approximately 1.69 million yuan of revenue [8] - The company clarified that the revenue recognition aligns with actual project progress and does not involve premature or delayed revenue recognition practices [8]