6亿打水漂？美德乐订单暴跌业绩反涨，IPO凭证藏猫腻，北交所紧盯

Core Viewpoint - Dalian Meidel successfully passed the IPO review at the Beijing Stock Exchange in just six months, becoming the 82nd company to do so this year, which raises questions about the sustainability of its reported growth amid declining order numbers and industry challenges [1][12]. Group 1: Company Performance - Dalian Meidel reported impressive projected revenues of 1.138 billion yuan and net profits exceeding 200 million yuan for 2024, with a significant revenue increase of 35.13% year-on-year for the first half of 2025 [1]. - However, the company experienced a compound annual growth rate of -20.47% in new orders from 2022 to 2024, with a dramatic drop of 38.88% in new orders in 2023, indicating that revenue growth is not supported by new business [3][4]. Group 2: Industry Context - The overall industry is facing a downturn, with average revenue declines of 16.99% among comparable companies, while Dalian Meidel's revenue increased by 12.73%, highlighting a significant disparity [4][5]. - Major clients of Dalian Meidel, such as BYD, saw a revenue drop of 77%, while competitors like Xian Dao Intelligent and Hai Mu Xing experienced revenue increases of 287.55% and over 300%, respectively, raising questions about Dalian Meidel's client relationships [5]. Group 3: Revenue Recognition Issues - A concerning aspect of Dalian Meidel's financials is that 1.07 billion yuan of its revenue in 2024 was based on acceptance documents that were only signed and not stamped, accounting for 15.19% of total revenue [7]. - There are discrepancies in the identities of individuals who signed for receipt of goods, with 52.92 million yuan in 2023 attributed to individuals not matching the contract's designated recipients, which poses a risk of uncollectible accounts [10]. Group 4: Regulatory Scrutiny - The Beijing Stock Exchange has raised concerns regarding the legitimacy of Dalian Meidel's revenue recognition and the sustainability of its performance, emphasizing the need for solid proof rather than verbal assurances [12][14]. - Dalian Meidel's planned fundraising of 645 million yuan for expansion projects is now in jeopardy due to declining new orders and questionable revenue documentation, leading to uncertainty about future sales [14][16].