IPO过会后“卡壳”的还有谁

Core Viewpoint - Jiangsu Yaokun Hydraulic Co., Ltd. has made progress in its IPO process by submitting its registration after nearly two years of waiting, while other companies like Beijing Bohua Xinzhi Technology Co., Ltd., Zhuhai Saiwei Electronic Materials Co., Ltd., and Hunan Weapon Industry Group Co., Ltd. have faced delays in their IPO submissions due to expired financial documents [1][6]. Group 1: Company Overview - Yaokun Hydraulic specializes in the research, production, and sales of hydraulic components and parts, with main products including oil tanks, hard pipes, and metal fittings, primarily used in excavators and other engineering machinery [3]. - The company achieved revenues of approximately 707 million yuan, 659 million yuan, 643 million yuan, and 365 million yuan for the years 2022 to 2024 and the first half of 2025, with corresponding net profits of about 142 million yuan, 132 million yuan, 115 million yuan, and 67.1 million yuan [3]. Group 2: Financial Projections - For the year 2025, Yaokun Hydraulic forecasts revenues of approximately 752 million yuan, representing a growth of 16.99% compared to the previous year, and a net profit of about 130 million yuan, reflecting a growth of 13.55% [4]. - The company plans to raise approximately 809 million yuan through its IPO, with allocations of 659 million yuan for production projects, 80 million yuan for R&D center construction, and 70 million yuan for working capital [4]. Group 3: Shareholder Structure and Financial Health - Yaokun Hydraulic's major shareholders include Xie Yaokun, Xie Wenqing, and Xie Wengu, who collectively hold 81.85% of the shares and control 87.39% of the voting rights [5]. - The company has reported high accounts receivable, with values of approximately 201 million yuan, 162 million yuan, 196 million yuan, and 199 million yuan at the end of each reporting period, constituting a significant portion of current assets [5]. Group 4: Industry Context - Other companies like Bohua Technology, Zhuhai Saiwei, and Hunan Weapon Industry have faced delays in their IPO processes despite having received approval, with Bohua Technology's IPO application being stalled due to expired financial documents [6][7]. - Bohua Technology focuses on health management systems for military and industrial equipment, while Zhuhai Saiwei specializes in lithium-ion battery electrolyte production [8]. Hunan Weapon Industry is involved in military product development and testing services [8].