悦龙科技IPO：实控人曾借款500万元，大客户成为子公司，四次分红

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) is preparing for its listing on the Beijing Stock Exchange, with a focus on the research, production, and sales of flexible fluid transport pipelines, including marine engineering and land oil and gas pipelines [1][11]. Group 1: Company Overview - Yuelong Technology's main products include three series of rubber hoses: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses, with clients such as CNOOC, CNPC, Sinopec, and others [1][11]. - The actual controller, Xu Jincheng, holds over 73% of the voting rights and serves as both chairman and general manager [2][3]. Group 2: Financial Performance - The company reported significant revenue growth from 189 million yuan in 2022 to 268 million yuan in 2024, with net profits increasing from 48 million yuan to 83 million yuan during the same period [25]. - In the first three quarters of 2025, Yuelong Technology achieved revenues of 226 million yuan and a net profit of 77 million yuan, reflecting year-on-year growth of 16.08% and 17.47%, respectively [25]. Group 3: Capital Raising and Investment Plans - Yuelong Technology plans to raise 289 million yuan through its IPO, with funds allocated for new production projects and upgrades to existing facilities [11][12]. - The company aims to enhance its production capacity, particularly in marine engineering flexible pipelines, with an expected annual output of 66,000 standard meters post-project completion [12][13]. Group 4: Research and Development - The company has invested in R&D, with R&D expenses amounting to approximately 1,014 million yuan in 2022, representing a rate of 5.37% of revenue [18]. - Yuelong Technology holds 68 patents, including 27 invention patents, ranking second among its peers in terms of invention patents [21][23]. Group 5: Corporate Governance and Risks - Xu Jincheng has previously borrowed 5 million yuan from the company, which was repaid in 2022, raising concerns about potential conflicts of interest and governance risks [5][6]. - The company has faced penalties for labor law violations and has not consistently paid social insurance and housing funds for some employees [8][9]. Group 6: Customer Relationships and Accounts Receivable - Yuelong Technology's major customer, Techfluid U.K. Ltd., was previously the largest client but has seen a decline in its ranking among the top clients, raising questions about the sustainability of customer relationships [25][26]. - The company's accounts receivable have increased significantly, with a total of 111 million yuan reported, indicating potential liquidity concerns [30][31].