首冲折戟后再出发，业绩“过山车”，荣信汇科IPO坎坷多？

Core Viewpoint - Rongxin Huike Electric Co., Ltd. has restarted its IPO journey after a failed attempt, with its application for the Sci-Tech Innovation Board recently accepted, aiming to raise a total of 977 million yuan for various projects and working capital [1][4]. Funding Allocation - The IPO plans to raise 977 million yuan, with allocations as follows: 337 million yuan for deep-sea offshore wind power transmission equipment and key technology R&D, 233 million yuan for green low-carbon flexible power core equipment R&D, 256 million yuan for R&D/testing center construction, and 150 million yuan for working capital [1][2]. Previous IPO Attempt - In December 2021, the company submitted its first IPO application intending to raise 600 million yuan for energy equipment production and R&D center construction. However, the application was severely impacted by a major incident involving the chairman, Zuo Qiang, who was placed under investigation [2][3]. Regulatory Warning - Due to delayed disclosure of significant events related to the chairman's investigation, Rongxin Huike received a regulatory warning from the Shanghai Stock Exchange, which contributed to the withdrawal of its initial IPO application in June 2022 [3]. Financial Performance - The company has experienced significant revenue fluctuations, reporting revenues of 1.942 billion yuan in 2022, 233 million yuan in 2023, and projected revenues of 508 million yuan in 2024. The net profit figures show a loss of 56.28 million yuan in 2023, with a net loss of 537,000 yuan reported for the first half of 2025 [5][7]. Business Model and Market Position - Rongxin Huike focuses on the new power system core equipment sector, providing flexible transmission equipment and high-power converters. Its products are utilized across various industries, including power generation, oil and gas, and defense, supporting the construction of new power systems [5][7]. Governance and Ownership Structure - The company's ownership structure is characterized by a "dispersed common control" model, with potential instability due to the close shareholding between the Hu family and Zuo Qiang. This structure may lead to conflicts in strategic decisions and operational continuity [8][9]. Challenges Ahead - Rongxin Huike faces multiple pressures, including past regulatory warnings, revenue volatility, and a complex ownership structure. The company must demonstrate sustainable profitability and robust governance to satisfy regulatory scrutiny in its second IPO attempt [9].